The Malaysian ringgit started the week on a weaker note against the US dollar, influenced by cautious market sentiment stemming from recent US inflation data and ongoing policy uncertainties. Dr. Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd, highlighted the US administration's decision to impose tariffs on steel and aluminum imports from all countries as a key driver of market volatility. The move is expected to bolster demand for the US dollar, further pressuring the ringgit. Meanwhile, although the Nonfarm Payrolls (NFP) figures fell short of expectations in January, other labor market indicators point to a robust US economy. The ringgit, however, strengthened against other major currencies like the euro, British pound, Singapore dollar, and Thai baht. It weakened against the Japanese yen, Indonesian rupiah, and Philippine peso.
The ringgit opened lower against the US dollar on Friday, February 10, 2023, as market sentiment remained cautious following the latest US inflation data and ongoing policy uncertainties. At 8 am, the ringgit declined to 4.4500/4730 against the greenback compared to Friday’s close of 4.4375/4420.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid cited US President Donald Trump’s administration imposing 25 percent tariffs on steel and aluminium imports from all countries as a contributing factor to market uncertainty. He believes this move could lead to increased demand for the US dollar. Meanwhile, despite the Nonfarm Payrolls (NFP) rising by a lower-than-expected 143,000 in January compared to consensus estimates of 170,000, other indicators suggest a resilient US labor market. December’s NFP were revised up from 256,000 to 307,000 while the unemployment rate fell further to 4.0 percent in January from 4.1 percent in the preceding month. In contrast, the ringgit was traded higher against other major currencies but fell versus the Japanese yen to 2.9303/9457 from 2.9217/9249 on Friday. It gained against the euro to 4.5884/6121 from 4.6101/6148 previously and appreciated vis-a-vis the British pound to 5.5140/5425 from 5.5278/5334. The ringgit was also higher against the Singapore dollar at 3.2791/2965 from 3.2866/2901 at the close on Friday, and rose against the Thai baht to 13.1214/2009 from 13.1853/2041. However, it declined against the Indonesian rupiah to 273.2/274.8 from 272.4/272.9 and weakened against the Philippine peso to 7.67/7.71 from Friday’s close of 7.65/7.66. — Bernam
Ringgit US Dollar Inflation Tariffs Nonfarm Payrolls Malaysian Economy
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ringgit Opens Lower Against US DollarThe Malaysian ringgit weakened against the US dollar in early trade on Monday, tracking the greenback's strength fueled by a robust US economy and positive labor market data.
Read more »
Ringgit opens lower against US dollar in early tradeThe US labour market remains resilient, with the latest non-farm payroll data exceeding expectations.
Read more »
Ringgit Opens Lower Against US DollarThe Malaysian ringgit started the trading week with a decline against the US dollar due to the strengthening of the greenback. This was attributed to positive economic indicators and a resilient US labor market.
Read more »
Ringgit Opens Lower Amid US Trade War ConcernsThe ringgit weakened against the US dollar due to the rise in the US Dollar Index following President Trump's executive order to raise import tariffs. Analysts anticipate a risk-off mode and potential downside risks for the ringgit as the trade war escalates.
Read more »
Ringgit Strengthens Against US Dollar Amid Cautious SentimentThe Ringgit opens higher against the US Dollar as market sentiment remains cautious
Read more »
Ringgit Opens Slightly Higher Against US DollarThe Malaysian Ringgit opens slightly stronger against the US Dollar in early trading.
Read more »