Ringgit marginally lower ahead of BNM’s OPR call FMTNews FMTBusiness
KUALA LUMPUR: The ringgit trimmed earlier gains to end marginally lower against the US dollar today amid cautious sentiment ahead of Bank Negara Malaysia’s decision on the overnight policy rate on Thursday.
SPI Asset Management managing director Stephen Innes said the ringgit traded slightly weaker today, following weaker-than-expected China’s Caixin services purchasing managers’ index data print for June. “In addition to weaker Chinese growth, persistent geopolitical tensions and ongoing concerns about US-China decoupling are also hurting the local currency outlook,” he told Bernama.
“In the meantime, the market continues to remain defensive although the weakening data points could possibly alter the direction of monetary policy,” he said.
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