KUALA LUMPUR, March 21 — The ringgit extended yesterday’s gains to close higher against the US dollar today as the market expects the US Federal Reserve (Fed) to take a dovish...
KUALA LUMPUR, March 21 — The ringgit extended yesterday’s gains to close higher against the US dollar today as the market expects the US Federal Reserve to take a dovish stance on its interest rate, said an economist.
Bank Muamalat Malaysia Bhd chief economist and social finance Dr Mohd Afzanizam Abdul Rashid said it appeared that the markets expected the US Federal Reserve’s stance to tilt towards the dovish side given the recent spectre in the United States banking industry. Meanwhile, SPI Asset Management managing director Stephen Innes said the broader market is starting to compartmentalise the US and European Union banking issues with no contagion risk to Asia.“Hence, the ringgit is trading stronger as US rate cuts are now expected before year-end,” he said.
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