Ringgit Shows Mixed Performance Against Regional Currencies Following Strong US Jobs Data
Ringgit opens mixed against regional peers amid stronger US jobs data
Image: The Star
The Malaysian ringgit opened mixed against regional currencies, showing strength against major currencies despite a slight dip against the US dollar. This fluctuation follows stronger-than-expected US jobs data, with the US Dollar Index gaining traction. Analysts predict the ringgit will maintain a sideways trend amid ongoing global economic concerns.
- 01At 8 am, the ringgit was quoted at 3.9755/9855 against the US dollar, down from 3.9745/9785 the previous day.
- 02The US Dollar Index rose by 0.14% to 99.327 points following the release of positive employment data.
- 03The ADP employment change increased to 42,250, significantly up from 33,000 previously.
- 04The ringgit appreciated against the British pound, euro, Thai baht, and Singapore dollar but weakened against the Japanese yen, Indonesian rupiah, and Philippine peso.
- 05Analyst Mohd Afzanizam Abdul Rashid indicated that the ringgit's sideways trend is expected to continue amidst global inflation concerns.
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The Malaysian ringgit opened mixed against its regional peers today, showing a generally firmer stance against major currencies despite a slight dip against the US dollar. As of 8 am, the ringgit was quoted at 3.9755/9855 against the US dollar, down from the previous closing of 3.9745/9785. This fluctuation follows the release of stronger-than-expected US jobs data, which has bolstered the US Dollar Index (DXY), rising 0.14% to 99.327 points. Notably, the ADP employment change surged to 42,250, up from 33,000 previously. Analyst Mohd Afzanizam Abdul Rashid noted that the US dollar is likely to remain well-supported due to ongoing concerns about global inflation and the stalemate in US-Iran negotiations. The ringgit did appreciate against several currencies, including the British pound, euro, Thai baht, and Singapore dollar, while it weakened against the Japanese yen, Indonesian rupiah, and Philippine peso. Overall, the ringgit is expected to maintain a sideways trend as market sentiment remains cautious.
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The fluctuation in the ringgit's value may affect import/export prices, impacting local businesses and consumers.
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