Analyst says Fed remains cautious due to significant rise in long-term interest rates.
KUALA LUMPUR: The ringgit opened higher against the US dollar today as the greenback weakened following dovish comments from top US Federal Reserve officials about the interest rate outlook, said an analyst.
He noted that the Fed’s vice chairman Philip Jefferson indicated the Fed is in a position to proceed carefully as long-term interest rates have gone up quite excessively. “Having said that, the forex market remains guarded with the ongoing conflict between Israel and Palestine. In that sense, safe havens such as the US dollar will continue to thrive,” he told Bernama.
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