Ringgit slips ahead of Jackson Hole symposium

The ringgit closed lower against the US dollar today following tepid trading ahead of the highly-anticipated Jackson Hole symposium. — Reuters pic
The ringgit closed lower against the US dollar today following tepid trading ahead of the highly-anticipated Jackson Hole symposium. — Reuters pic

KUALA LUMPUR, Aug 22 — The ringgit closed lower against the US dollar today following tepid trading ahead of the highly-anticipated Jackson Hole symposium.

At 6pm, the ringgit finished at 4.1880/1910 against the greenback from 4.1750/1800 yesterday.

VM Markets Pte Ltd managing partner Stephen Innes said it was a very quiet day in for the ringgit as the market sits tight awaiting the Federal Reserve’s (Fed) annual Jackson Hole outcome on future US interest rate cuts and the direction the US-China trade discussions will take.

Fed chairman Jerome Powell will deliver a speech at the annual central banking symposium in Jackson Hole, Wyoming, tomorrow.

“A dovish Fed at Jackson Hole should provide a boost to the ringgit from a carry trade and risk-on sentiment.

“But for the ringgit to make significant gains below 4.15, a discernible improvement on the trade war front is needed,” he told Bernama.

The ringgit was traded lower against other major currencies.

It was traded weaker against the Singapore dollar at 3.0197/0221 from 3.0186/0226 and fell against the yen at 3.9365/9404 from 3.9202/9264 yesterday.

The ringgit also dropped vis-a-vis the British pound to 5.0813/0854 from 5.0634/0703 and versus the euro at 4.6407/6449 from 4.6317/637 previously. — Bernama

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