Ringgit edges higher after US job openings fall for second month
The local currency climbs to 4.0940/4.0995, supported by weaker-than-expected US economic data.
The Malaysian ringgit edged higher against the US dollar on Wednesday, buoyed by weaker-than-expected US economic data that put downward pressure on the greenback. The local currency opened at 4.0940/4.0995, up from Tuesday's close of 4.0945/4.0985. Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid attributed the rise to the US Job Openings and Labour Turnover Survey (JOLTS), which showed a decline in job openings to 7.36 million in June from 7.54 million in May.
The JOLTS report may provide some support for the ringgit, with analysts expecting it to trade within a range of RM4.08 to RM4.10. However, gains are anticipated to be capped due to cautious investor sentiment ahead of the US non-farm payrolls report on Friday.
Brief written by urgent.news from Free Malaysia Today's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
