The market has reacted poorly to a resurgence of cases in China. FMTNews Coronavirus
KUALA LUMPUR: The ringgit opened lower today as the global economy continues to be under pressure following concerns of a resurgence of the Covid-19 pandemic.An analyst said the performance was in reaction to the spike in cases recorded in Beijing’s biggest wholesale market, following the economic reopening after the two-month shutdown.
“The US Federal Reserve had also painted a sober picture of the economy on Friday, declaring that the country’s financial system remains under stress due to the Covid-19 pandemic and that the path back to steady growth and a strong labour market remains uncertain,” said the analyst.
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