The Malaysian ringgit strengthened against the US dollar on Monday, extending last week's gains due to positive sentiment towards the local currency. An analyst expects the ringgit to remain positive but notes potential profit-taking opportunities following recent appreciation. The focus this week will be on US economic data, including manufacturing and services ISM indices, and labor market indicators.
: The ringgit extended last week’s gains, opening stronger against the US dollar on Monday, supported by ongoing positive sentiment towards the local currency, an analyst said.Bank Muamalat Malaysia Bhd chief economist, Dr Mohd Afzanizam Abdul Rashid, said the ringgit is expected to remain positive, though some traders may take the opportunity to lock in profits following its recent broad-based appreciation.
Despite this, the US Federal Reserve is expected to maintain its monetary easing strategy in November and December. Mohd Afzanizam highlighted that the immediate support level for the ringgit is at RM4.0728, with the currency potentially moving in that direction.It weakened slightly against the Japanese yen, closing at 2.8833/8926 compared to 2.8804/8841 on Friday.
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