Ringgit extends gains against US dollar ahead of FOMC minutes
Markets will observe the US Federal Open Market Committee minutes for clues on the US Federal Reserve's monetary policy, says analyst.
KUALA LUMPUR: The Malaysian ringgit extended its gains against the US dollar today, closing higher ahead of the US Federal Open Market Committee (FOMC) meeting minutes release. Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid stated that traders will be closely watching the FOMC minutes released later tonight for indications on the US Federal Reserve's policy stance.
The upcoming FOMC meeting minutes will provide guidance to market participants on the Fed's readiness for a potential rate hike before the focus shifts to the Jackson Hole Economic Policy Symposium scheduled for Aug 27-29. At 6pm, the ringgit strengthened to 4.0565/4.0610 against the US dollar from yesterday's close of 4.0575/4.0615.
Throughout the day, the local currency weakened against various major currencies, including the Japanese yen, British pound, euro, Indonesian rupiah, Thai baht, and Singapore dollar.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Ringgit extends gains against US dollar ahead of FOMC minutes freemalaysiatoday.com
