US data to decide market direction; weak readings could spur risk asset demand
Following a brief uptick below the 4.72/USD level, partly propelled by RM0.5b inflows into the bond market on Monday and bolstered by an enhanced risk sentiment amid People’s Bank of China's efforts to stabilise the yuan, the ringgit weakened again due to the favourable appeal of the USD. The USD index (DXY) received support as investors adjusted their expectations for Fed rate cuts, prompted by the ongoing ambiguity in US data.
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