Ringgit climbs as US rate cuts loom, 4.1% this year

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KUALA LUMPUR: The ringgit has shown continued strength against the greenback at the opening, as prospects of US rate cuts loom, an analyst reported.

Meanwhile, UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the release of the PMI Manufacturing and PMI Services indices, both above 50, has alleviated fears of a US recession.

"Ringgit may open slightly higher as investors shift their investments towards Asia," he added.

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Category: EconomyBusiness

Markets: MalaysiaIndonesiaJapanSouth KoreaSingapore

Topics: Mohd Afzanizam Abdul Rashid /Business/Business News Forex US rate cut Sedek Jantan US dollar Ringgit

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-06 @ 09:22:00 (4 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 362 words

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News ID: 21947027

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