Interest rate cuts from BNM, US Federal Reserve expected to take place soon. FMTNews Ringgit
KUALA LUMPUR: The ringgit opened slightly higher against the US dollar amid growing expectations that Bank Negara Malaysia and the US Federal Reserve would cut interest rates soon.AxiCorp chief market strategist Stephen Innes said BNM could cut its policy rate by 25 basis points during the Monetary Policy Committee meeting tomorrow.
He said many countries and Malaysia could continue to struggle from the lingering effect of China’s demand, disruptions in the supply chain linkages and tourism amid the Covid-19 pressure. In addition, he believes foreign investors may have become somewhat desensitised of the political landscape after the appointment of eight Prime Minister Tan Sri Muhyiddin Yassin.
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