Ringgit eases as investors await key US data
Investors remained cautious ahead of the release of key US labour market data, says analyst.
KUALA LUMPUR saw the Malaysian ringgit ebb slightly against the US dollar as cautious investors awaited critical US economic indicators, according to analysts. Stephen Innes, Quintex Intel's global strategist, noted the market anticipates a modestly balanced US jobs report with non-farm payrolls likely rising by around 60,000, despite recent labour market data volatility.
Innes stated the greenback's strength may persist due to the Federal Reserve's focus on inflation risks, potentially leading to a minor weakening of the US dollar next week. Bank Muamalat Malaysia Bhd's chief economist, Afzanizam Abdul Rashid, pointed out the ringgit began the week stronger before moderating toward the end. Regional currencies, notably Indonesia's rupiah, gained momentum after Indonesian President Prabowo Subianto's progress toward appointing a new Bank Indonesia governor, boosting regional market sentiment.
At day's end, the ringgit weakened to 4.0885/4.0930 against the US dollar from Thursday's close of 4.0875/4.0920. Nonetheless, it strengthened against the Japanese yen, euro, and British pound, and maintained relative stability against the Philippine peso and Indonesian rupiah.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
