Ringgit marginally weaker as US dollar firms amid fading rate cuts narrative

KUALA LUMPUR, March 29 ― The ringgit opens softer against the US dollar today on rising bets that the United States (US) might delay its rate cuts based on recent economic...

KUALA LUMPUR, March 29 ― The ringgit opens softer against the US dollar today on rising bets that the United States might delay its rate cuts based on recent economic data.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said foreign exchange players continued to remain bullish on the US dollar with the US Dollar Index gaining 0.19 per cent to 104.546 points.“It seems that the markets are convinced that a soft landing in the US economy is likely to be the case.

Mohd Afzanizam said the US economic data point remained robust with the final fourth quarter of 2023 estimates coming in higher than expected to 3.4 per cent quarter-on-quarter seasonally adjusted annualised rate against market expectation of 3.2 per cent.US Fed governor Christopher Waller was reported saying that ‘there is no rush in taking the step to begin to ease monetary policy’, highlighting that recent economic data warrants delaying or reducing the number of cuts this year.

On top of that, the US Personal Consumption Expenditures price index will be out later tonight, which will further provide clarity on the interest rate outlook in the US.

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