Ringgit stronger against US dollar again
KUALA LUMPUR: The ringgit was well supported yesterday, breaching again the RM4.70-level versus the US dollar at the close as further economic data from the US pointed to an interest rate cut.

At 6pm, the ringgit improved to 4.6970/6985 against the greenback from 4.7005/7030 chalked up at Tuesday’s close.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the drop in US job openings in April suggests that the demand for labour is cooling, which could imply wage growth may not be too strong going forward and pave the way for a rate cut by the US Federal Reserve (Fed).

“The US dollar index remains below 105 points although it is trending up. While the rate cut camp is gaining traction, it remains highly uncertain as to what the Fed might say on its stance in the upcoming Federal Open Market Committee meeting next week,” he told Bernama.
Forex,ringgitstrengthens,USdollarsweakens,ratecut,Fed
The ringgit was well supported yesterday, breaching again the RM4.70-level versus the US dollar at the close as further economic data from the US pointed to an interest rate cut.