USD/MYR May Remain Steady Unless U.S. Jobs Report Disappoints -- Market Talk

Dow Jones
2024/09/06

0721 GMT - USD/MYR may remain steady around 4.33-4.35, unless U.S. jobs data disappoints, Kenanga IB economists say in a note. All eyes are on August nonfarm payrolls and unemployment data due later. If job gains meet the 165,000 consensus and unemployment falls to 4.2%, a 50 bps the Fed rate cut in September is unlikely, they say. Job gains below 100,000 could fuel expectations of a 50 bps rate cut, pressuring USD, they reckon. However, next week's U.S. core CPI report, the Harris-Trump debate and potential ECB rate cut may further influence market sentiment, potentially buoying the dollar, they add. Kenanga pegs USD/MYR's short-term resistance at 4.357 and support at 4.322. USD/MYR is 0.2% lower at 4.329. (yingxian.wong@wsj.com)

 

(END) Dow Jones Newswires

September 06, 2024 03:21 ET (07:21 GMT)

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