KUALA LUMPUR: The ringgit opened lower against the US dollar this morning as market participants awaited more signals from the US Federal Reserve (Fed) ahead of the Jackson Hole Symposium, said an analyst.
At 9 am, the local note fell to 4.6555/6590 against the greenback from 4.6465/6495 at Tuesday’s close.
"Richmond Fed president Thomas Barking indicated that the Fed might lose its credibility if it changes the inflation target of 2.0 per cent. Such remarks came amid calls by some prominent economists to consider raising the bar to above 2.0 per cent. However, Mohd Afzanizam noted that the data continues to indicate that the US economy is slowing with its existing home sales falling further to 4.07 million units in July compared to June's 4.16 million units.
It improved versus the euro to 5.0498/0536 from 5.0689/0721 and increased against the British pound to 5.9283/9328 from 5.9406/9444 previously.
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