KUALA LUMPUR (dpa-AFX) - The Malaysian ringgit weakened against the U.S. dollar in the Asian session on Thursday, after Prime Minister Anwar Ibrahim stated on Thursday, subsequent to a discussion with Trump, that the tariff rate on Malaysian products would be revealed on Friday.
Asian stock markets traded lower after the Federal Reserve's interest-rate decision, tech earnings, U.S. President Donald Trump's tariff threats and China data in focus.
Traders remain cautious ahead of the final deadline of August 1 set by the US President Donald Trump for reaching trade deals with its trading partner countries. Trump hinted at higher tariffs on certain countries after the deadline.
The US Fed announced its widely expected decision to leave interest rates unchanged in a divided vote. The decision to leave rates unchanged was not unanimous as Fed Governors Michelle Bowman and Christopher Waller preferred to lower rates by a quarter percentage point.
During his post-meeting press conference, Fed Chair Jerome Powell said the central bank has not made a decision about lowering rates in September. 'We don't do that in advance,' Powell said. 'We'll be taking that information into consideration and all the other information we get as we make our decision.'
Against the U.S. dollar, the ringgit fell to more than a 1-month low of 4.2675 from a recent high of 4.2509. At yesterday's close, the ringgit was trading at 4.2550 against the greenback.
If the ringgit extends its downtrend, it is likely to find support around the 4.34 region.
Looking ahead, the German flash CPI data for July, Canada GDP data for June, average weekly earnings data for May, U.S. core PCE price index for June, personal income and spending data for June, employment cost data for the second quarter, weekly jobless claims data and U.S. Chicago PMI data for July are slated for release in the New York session.
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