Ringgit Opens Slightly Higher Against Greenback Ahead US Labour Market Data

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, Sept 3 (Bernama) -- The ringgit opened slightly higher on Wednesday ahead of the US labour market data this week, which will be an important input for the Federal Open Market Committee (FOMC) members when they meet on Sept 16 and 17. 

At 8 am, the local note rose to 4.2255/2370 from yesterday’s close of 4.2270/2350.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the odds for a 25 basis points cut are still at an elevated level, but market participants are still edgy given the mixed signals from data points and Federal Reserve officials. 

“Tonight, the Job Opening and Labour Turnover Survey (JOLTS) will be published, with consensus estimates pegged at 7.39 million job openings in July compared with 7.437 million in June,” he told Bernama. 

He noted that the ringgit fell by 0.13 per cent against the US dollar to RM4.2310 yesterday. Therefore, he expects the USDMYR could range between RM4.23 and RM4.25 today.

Meanwhile, the ringgit opened higher against a basket of major currencies.

It strengthened against the Japanese yen to 2.8437/8519 from 2.8451/8507 on Tuesday, gained against the British pound to 5.6541/6695 from 5.6638/6745 and appreciated against the euro to 4.9155/9289 from 4.9194/9287. 

The ringgit was mostly higher against other ASEAN currencies.

It inched up against the Indonesian rupiah to 257.4/258.2 from 257.5/258.1, advanced against the Singapore dollar to 3.2776/2870 from 3.2808/2873, and firmed against the Philippine peso to 7.34/7.37 from yesterday’s 7.35/7.37.

However, the local note fell against the Thai baht to 13.0691/13.1120 from 13.0459/0762 yesterday.

-- BERNAMA