Likely consolidating near 4.15/USD as Fed stays cautious into December meeting
Performance: We anticipated some technical correction, but the ringgit weakened more than expected, slipping towards 4.15–4.16/USD as the DXY moved above the 100.0 level.
Market Dynamics: The ringgit eased from 4.13/USD last Friday to 4.15/USD on Monday and briefly touched 4.16/USD on Tuesday after markets abandoned the view that the US reopening would deliver softer data and a dovish Fed. Expectations for a December rate cut fell below 50.0% as risk-off sentiment revived safe-haven demand for the USD. Hawkish Fed minutes and the BLS decision to delay payroll revisions until after the FOMC meeting reinforced this shift.
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