September payrolls to set the Fed's last hike; ringgit stuck in a 4.07 to 4.09 box
Performance: MYR weakened Thursday at 4.085/USD from 4.074 last Friday, as a firm USD tested its year high.
Market Dynamics: US-Iran talks stalled after Washington rejected Iran's Hormuz proposal. Brent jumped to near USD109/barrel intraday and the global bond sell-off deepened. Soft consumer confidence, JOLTS and August PCE briefly pared October hike bets. But firm ADP and activity data lifted DXY back above 102. Strong US activity, not inflation, now anchors Fed tightening expectations. Rising back-end yields weighed on high-beta Asian FX and kept investors wary of adding ringgit exposure.
Download Full Content:
