Ringgit dips amid broad forex decline before CPI

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SINGAPORE (Aug 29): The ringgit declined amid broad Asian currency weakness following the Jackson Hole symposium, as investors looked towards incoming domestic inflation data.

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The US dollar-ringgit pair rose 0.5% to 4.4865, gaining for the first time in four days, ahead of key price growth data.

Most Asian currencies were weaker against the dollar, following the hawkish US Federal Reserve signals from Jackson Hole.

July headline inflation is expected to have accelerated by 4.4%, according to a median of economists surveyed by Bloomberg, which would be the highest since May 2021.

Budget 2023 will be presented to lawmakers on Oct 7, three weeks earlier than previously scheduled, Minister in the Prime Minister’s Department (Parliament and Law) Datuk Seri Dr Wan Junaidi Tuanku Jaafar said.

“Speculation is rife that the general election may be held in November if Parliament is dissolved shortly after the budget announcement,” according to a note from Maybank Securities.

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“Just earlier this month, the finance minister denied that the Budget presentation would be brought forward.”

Global funds were net buyers of US$16 million (RM71.81 million) in local equities last Friday, according to exchange data.

The Government will sell RM2.5 billion of 2037 bonds.

Malaysia’s 10-year yield was steady at 3.98%.-BLOOMBERG


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