Ringgit opens higher vs US$ on weaker US economic data

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KUALA LUMPUR: The ringgit opened stronger against the US dollar after the United States (US) reported weaker economic data, suggesting that the case for rate cuts by the US Federal Reserve (Fed) and the prospects for a reduction in the Fed Fund Rate remain intact, an analyst said.

It inched up against the Singapore dollar to 3.2738/2854 from 3.2746/2792 at yesterday’s close and advanced against the Thai baht to 13.1461/2038 from 13.1602/1844 previously.

He also noted that the one-month delay in tariff hikes for Canada and Mexico also helped temper fears of an abrupt price increase.

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Category: EconomyBusiness

Markets: MalaysiaCanadaIndonesiaJapanMexicoPhilippinesSingaporeUnited States

Topics: Fed US dollar Economic data Mohd Afzanizam Abdul Rashid Forex /Business/Business News Opening Ringgit

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-02-06 @ 09:51:00 (4 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 397 words

Reading Time: 3 minutes read

Sentences: 15 lines

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Copyright Owner: © The Star

News ID: 25917076

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