Ringgit edges lower against US dollar after strong jobs data
Friday’s US CPI report will shape market sentiment ahead of next week’s Federal Open Market Committee meeting on interest rates, says an analyst.
Kuala Lumpur: The Malaysian ringgit experienced a marginal decline against the US dollar on Monday, as strong non-farm payrolls (NFP) data from the United States and upcoming inflation figures weighed on the currency. The NFP data released last Friday revealed a significant increase of 162,000 jobs in August, surpassing the forecasted 55,000 jobs.
By 6pm, the ringgit slipped to 4.0440/4.0485 against the US dollar, down from last Friday's closing rate of 4.0425/4.0465. Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid noted that the market is closely monitoring the upcoming release of the US Consumer Price Index (CPI) on Friday, as it will influence market sentiment ahead of the Federal Open Market Committee (FOMC) meeting scheduled for September 15-16.
Additionally, Fed staff will provide their latest macroeconomic variables, including GDP, inflation rate, unemployment figures, and the Fed Funds Rate. The ringgit's performance against major currencies also continued to weaken, slipping against the euro, British pound, Japanese yen, Philippine peso, Singapore dollar, Thai baht, and Indonesian rupiah.
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- Ringgit edges lower against US dollar after strong jobs data freemalaysiatoday.com
