Page 16 - Fomc News Today

KUALA LUMPUR: The ringgit opened lower against the US dollar as financial markets eagerly awaited the United States Federal Open Market Committee (FOMC) decision later tonight.

The Federal Reserve decided again to refrain from hiking interest rates as the central bank evaluates its next steps amid this persistent bout of inflation.

There are a couple of good reasons behind another interest rate hike pause, despite the resilience of the U.S. economy and the elevated inflation.

KUALA LUMPUR: The ringgit opened higher against the US dollar and other major currencies on the first day of trading for the week.

Despite losses on the week, stocks remain up for the year with the S&P up 7% and Nasdaq up 21%.

After relentless selling in recent days, Nifty has temporarily paused its decline due to an oversold chart setup, Rupak De, Senior Technical analyst at LKP Securities said, adding that the index closed significantly below the critical breakdown level of 19,250. As long as it stays below 19,250, the market may continue to be inclined towards selling on any upward movements, he opined as he sees a further downside opening below 18,800 if weakness continues from here, he added.

The U.S. central bank is expected to keep interest rates unchanged; Apple has a product launch event Monday.

Consumer sentiment improved slightly at the end of October, but higher gas prices left people more worried about inflation.

Orders for durable or long-lasting goods jumped 4.7% in September, largely because of a flush of new contracts for Boeing airplanes.

The Fed appears virtually certain to leave rates on hold at their November 1 interest rate announcement, but markets will watch for clues for future interest rate moves.