NEW YORK, May 10 — The dollar was choppy today, fluctuating between modest gains and declines as it held near a two-decade high ahead of a key reading on inflation that could provide insight on the path of Federal Reserve monetary policy.
Investors will closely eye the April consumer price index reading tomorrow for any signs inflation may be starting to cool, with expectations calling for a 8.1 per cent annual increase compared to the 8.5 per cent rise recorded in March. “Nothing has materially improved when it comes to global growth, worries about China so the market is just seeing there is an occasion before the inflation data tomorrow and there is a little bit of positioning going on and that is working in the favour of risk assets.
Multiple Fed officials on Tuesday echoed the need for a 50 basis point hike at the next meeting. Cleveland Federal Reserve Bank President Loretta Mester on Tuesday said raising interest rates in half-point increments “makes perfect sense” for the next couple of Fed meetings. Read full story
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Ringgit opens lower on strong US dollar demand | Malay MailKUALA LUMPUR, May 9 — The ringgit was traded easier against the US dollar in the early session today amid stronger demand for the greenback, said an analyst. At 9.05am, the local note was pegged at 4.3745/3780 versus the greenback from Friday’s close of 4.3650/3680. Bank Islam...
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Ringgit ends marginally higher against US dollar | Malay MailKUALA LUMPUR, May 10 — The ringgit rebounded from two straight days of losses to end marginally higher against the US dollar today on renewed buying interest, said an analyst. At 6pm, the local currency improved to 4.3800/3850 against the greenback from yesterday’s close of 4.3830/3870. The...
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Battered sterling falls to fresh lows against dollar | Malay MailLONDON, May 9 — Britain’s battered pound fell to its lowest level since June 2020 for a third straight day today against a broadly robust dollar. News that Irish nationalist party Sinn Fein won the most seats in the Northern Ireland’s devolved assembly for the first time in elections last...
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Ringgit ends lower against US dollar | Malay MailKUALA LUMPUR, May 9 — The ringgit ended lower against the US dollar today as the greenback continued to strengthen amid further monetary policy tightening by the US Federal Reserve (Fed), said an analyst. At 6pm, the local currency fell to 4.3830/3870 against the greenback from Friday’s close...
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G7 flags rights concerns in selection of new Hong Kong leader | Malay MailLONDON, May 10 ― The selection process for a new chief executive in Hong Kong is a source of grave concern and underscores wider worries about fundamental freedoms there, a Group of Seven statement said yesterday, prompting a rebuke from China. Hong Kong's leader-in-waiting, John Lee, was...
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