Ringgit steady vs US dollar as investors await key US data
KUALA LUMPUR: The ringgit held steady against the US dollar at the close today as the United States’ (US) weak job numbers weighed on the greenback’s performance.
KUALA LUMPUR – The Malaysian ringgit maintained a stable position against the US dollar at 4.0885/0930 at the close today, remaining unchanged since last Friday. The local currency's stability can be attributed to the weak US job numbers released, which showed a decline of 23,000 jobs in July. This weak labor market may help curb inflationary pressures, making it uncertain whether a September rate hike is inevitable.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that the US Consumer Price Index report, due out Wednesday, will be crucial for Federal Open Market Committee members to evaluate the economy's health during their meeting on September 15-16. The ringgit also fluctuated against major currencies, inching up slightly against the Japanese yen, slipping against the euro, declining against the British pound, and easing against regional currencies like the Singapore dollar, Thai baht, Philippine peso, and Indonesian rupiah.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
