KUALA LUMPUR, April 29 — The ringgit recovered some ground to end on a positive note today as analysts believe the 50-basis-point hike in the Fed Fund Rates has been well priced in by the market.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid expects the Fed to maintain its hawkish stance. This was due to contraction in government expenditure by 1.6 per cent, while consumer spending, which makes up more than two thirds of the economy moderated to 4.7 per cent from 6.9 per cent.Bank Negara Malaysia yesterday provide assurance that the country’s economy remains strong despite the ringgit’s downtrend.
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