Ringgit slips ahead of US interest rate decision

KUALA LUMPUR, Jan 31 — The ringgit slipped in early trade on Tuesday as the greenback gained strength ahead of the US Federal Reserve meeting in the middle of this week on interest rates.

SPI Asset Management managing partner Stephen Innes said although most market participants anticipate that the Fed will slow its pace of tightening to a 25 basis points rate hike, a “great debate” has continued on whether the American central bank will signal that there is a long way to go in the rate upcycle.

“Risky assets, like the ringgit, have benefited greatly from the China reopening theme and a drop in US inflation but concerns the Fed may not play ball and keep rates higher despite falling US inflation has traders reducing some risks.

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