Ringgit Weakens Ahead of Jackson Hole Symposium
The Ringgit ended lower against the US dollar on Thursday amid cautious sentiment ahead of the United States Federal Reserve's Jackson Hole symposium. At 6pm, the ringgit eased to 4.0305/0350 against the US dollar from Wednesday's close of 4.0240/0280.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said traders would scrutinize US Fed chair Kevin Warsh's speech at the Jackson Hole symposium tomorrow for clues on the US Fed's possible decision at the upcoming Federal Open Market Committee meeting on September 15 and September 16.
Washington's debt, which currently stands at $40.1 trillion (RM161.7 trillion), coupled with rising US Treasury yields, would raise debt-servicing costs.
Stephen Innes of Quintex Intel said the main focus of the Jackson Hole symposium would be Warsh's speech at 10am Eastern Time on Friday, with traders staying cautious as its tone will likely determine whether the US dollar extends its recent rebound or loses momentum.