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 stable against the US dollar today, despite a weak US jobs report that affected the greenback's value. At 6pm, the ringgit was recorded at 4.0885/4.0930 against the US dollar, maintaining the same level as last Friday. Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid commented on the US non-farm payroll, which showed a decline of 23,000 jobs in July.
He noted that the weak labor market could help alleviate inflationary pressures, making a September rate hike less certain. The US Consumer Price Index report, due out Wednesday, would be crucial for Federal Open Market Committee members as they meet on September 15-16 to assess the economy's condition. The local currency also fluctuated against various major currencies, ending mostly weaker against them.
It strengthened against the Japanese yen, slipped against the euro, and weakened against the British pound, Singapore dollar, Thai baht, Philippine peso, and Indonesian rupiah.
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- Ringgit closes unchanged ahead of key US data freemalaysiatoday.com
