Brent rallied 7 percent overnight and breached $34 a barrel, brightening prospects for Malaysia, which is forecast to report Thursday that fourth-quarter growth slowed to the least since 2009 as the price of the commodity slumped. The ringgit was also supported by signs from the Federal Reserve Open Market Committee that it may delay raising interest rates this year, after earlier indicating four potential increases following its first tightening in December in almost a decade.
“The ringgit is reflecting the move in oil prices,” said Irene Cheung, a Singapore-based foreign-exchange strategist at Australia & New Zealand Banking Group Ltd. “The market took the FOMC minutes to mean that the Fed is going to revise down expectations for rate hikes this year.”
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“The ringgit is reflecting the move in oil prices,” said Irene Cheung, a Singapore-based foreign-exchange strategist at Australia & New Zealand Banking Group Ltd. “The market took the FOMC minutes to mean that the Fed is going to revise down expectations for rate hikes this year.”
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