The ringgit opened unchanged against the US dollar on Monday morning but rose against other major currencies. This comes after strong US economic data, including a jump in the ISM Index for non-manufacturing, fueled demand for the greenback. Analysts suggest the ringgit may weaken against the US dollar as the Federal Reserve may not cut rates further.
At 8am, the ringgit remained unchanged at 4.850/4.4900 against the greenback, holding steady from yesterday’s close. — Bernama picas a first-time user . Exclusively for Malay Mail readers: Use codeKUALA LUMPUR, Jan 8 — The ringgit opened flat against the US dollar but rose versus other major currencies amid rising greenback demand , following the release of key United States economic data yesterday, said an analyst.
Additionally, business sentiments in the services sector improved in December 2024, with the ISM Index for the non-manufacturing sector increasing to 54.1 points from 52.1 points in the preceding month, he said. The two- and 10-year US Treasury yield rose by 2.0 and 5.0 basis points to close at 4.30 per cent and 4.67 per cent, respectively.Amid these dynamics, SPI Asset Management managing partner Stephen Innes noted that US President-elect Donald Trump has reiterated his commitment to imposing tariffs despite speculations of a more tempered approach.
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