Ringgit edges lower against US dollar after strong jobs data

KUALA LUMPUR: The Malaysian ringgit experienced a slight decline against the US dollar on Monday, following impressive US non-farm payrolls (NFP) data reported last Friday. The NFP data revealed a substantial increase of 162,000 jobs in August, surpassing the expected 55,000. At 6pm, the ringgit depreciated to 4.0440/4.0485 against the US dollar, down from last Friday's closing rate of 4.0425/4.0465.

Afzanizam Abdul Rashid, chief economist of Bank Muamalat Malaysia Bhd, noted that the market's focus would be on the US consumer price index (CPI) report, due this Friday. The report will likely influence market sentiment as the Federal Open Market Committee (FOMC) members convene the following week to determine the Federal Reserve's Funds Rate.

Additionally, Fed staff will present their latest macroeconomic indicators, including GDP, inflation rate, unemployment, and the Fed Funds Rate, which will be discussed at the upcoming FOMC meeting scheduled for September 15-16. Throughout the day, the ringgit weakened against various major currencies, including the euro, British pound, Japanese yen, Philippine peso, Singapore dollar, Thai baht, and Indonesian rupiah.