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Market awaits Fed signals from Jackson Hole

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Analyst expects hawkish stance on interest rates to be maintained.

KUALA LUMPUR: The ringgit opened lower against the US dollar this morning as market participants await more signals from the US Federal Reserve ahead of the Jackson Hole Symposium, said an analyst.

“Richmond Fed president Thomas Barking indicated that the Fed might lose its credibility if it changes the inflation target of 2%. Such remarks came amid calls by some prominent economists to consider raising the bar to above 2%. At 9am, the local note fell to 4.6555/4.6590 against the greenback from 4.6465/4.6495 at Tuesday’s close.

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