Ringgit closes unchanged ahead of key US data
Markets will be watching Wednesday's US Consumer Price Index report, which will be crucial for Federal Reserve policymakers assessing the economy ahead of their Sept 15-16 meeting, says an analyst.
KUALA LUMPUR: The Malaysian ringgit remained steady against the US dollar on Friday, maintaining a value of 4.0885/4.0930, unchanged from last Friday's closing rate. According to Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid, the US non-farm payroll data showed a decline in jobs by 23,000 in July. This weak labor market might help to curb inflationary pressures, implying that the case for a September rate hike is not outright.
Afzanizam pointed out that the US Consumer Price Index report, scheduled for release on Wednesday, would be crucial for Federal Open Market Committee members to evaluate the economy's health during their meeting on September 15-16. Meanwhile, the local currency experienced fluctuations against other major currencies, with minor gains against the Japanese yen, a decline against the euro, and a depreciation vis-à-vis the British pound.
It also saw a decline against regional currencies such as the Singapore dollar, Thai baht, Philippine peso, and Indonesian rupiah.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Ringgit closes unchanged ahead of key US data freemalaysiatoday.com
