Ringgit rises against US dollar ahead of Q3 GDP estimates

Key points

• “More importantly, the continued above-trend economic growth strengthens the case for further normalisation of the overnight policy rate (OPR) towards 3%, particularly as monetary policy settings should remain consistent with the economy’s underlying strength and evolving inflationary pressures,” he told Bernama.
• Afzanizam also said that the US Dollar Index (DXY) surprisingly declined despite higher-than-expected US inflation, with September’s Consumer Price Index (CPI) rising to 3.7% from 3.4% in August, exceeding the market consensus of 3.6%.
• He said in the fixed-income market, the 10-year US Treasury yield fell by 10 basis points to 5.09%, reflecting increased demand for safe-haven assets following the sell-off in technology stocks, particularly artificial intelligence (AI)-related companies.

Sentences selected automatically from the original article by Free Malaysia Today.