Ringgit softer vs US$ on profit-taking after recent sharp gains

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KUALA LUMPUR: The ringgit eased against the US dollar at the close on Thursday due to profit-taking following its sharp gains earlier in the week, and on caution ahead of US  personal consumption expenditures data tomorrow, according to an analyst.

"Thus far, the US rate cut (scenario) is still intact for November’s meeting at possibly around 25 to 50 pips (percentage in point) based on the interest rate futures,” he added.

Markets are expecting the PCE price index to continue to moderate to 2.3 per cent in August from 2.5 per cent in July.

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Category: EconomyBusiness

Markets: MalaysiaChinaIndonesiaJapanSingapore

Topics: Mohd Afzanizam Abdul Rashid US dollar Forex /Business/Business News Ringgit Profit-taking

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-26 @ 19:07:00 (22 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 423 words

Reading Time: 3 minutes read

Sentences: 18 lines

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Copyright Owner: © The Star

News ID: 22722696

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