KUALA LUMPUR, Sept 27 — The ringgit continued its downtrend to push past 4.70 against the greenback today amid concerns over the higher-for-longer US interest rate outlook, said...
KUALA LUMPUR, Sept 27 — The ringgit continued its downtrend to push past 4.70 against the greenback today amid concerns over the higher-for-longer US interest rate outlook, said an analyst.
SPI Asset Management managing partner Stephen Innes said high US bond yields and growing concerns over inflation in the United States continued to weigh on the ringgit. Ten-year US Treasury yields hit a fresh 15-year high on Tuesday but made a pullback today, going down five basis points to 4.501 per cent.
“The fear of a US government shutdown seems to take centre stage as we head for the weekend deadline. A risk-off certainly dominating the ringgit now,” he said, adding that the resistant level stood at RM4.74. The US Congress is supposed to agree on a spending bill by the end of September, which otherwise could result in a government shutdown, he explained.It eased against the euro at 4.9690/9743 from Tuesday’s closing of 4.9673/9716, depreciated against the British pound at 5.7167/7228 from 5.
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