The US labour market remains resilient, with the latest non-farm payroll data exceeding expectations.
: The ringgit opened lower against the US dollar in early trade as the greenback strengthened, supported by improvements in the US labour market and a robust economy, an analyst said.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US labour market remains resilient, with the latest non-farm payroll data exceeding expectations. December saw 256,000 jobs added, surpassing the consensus estimate of 160,000. “The positive outturn gives the impression that the US Federal Reserve is not about to lose its grip on monetary policy, making the case for further interest rate cuts increasingly challenging,” he told Bernama.He added that the US Dollar Index is currently hovering at an elevated level of around 109.706 points.
It eased against the Japanese yen to 2.8557/8614 from Friday’s close of 2.8461/8497 but advanced against the British pound to 5.5040/5144 from 5.5296/5364. It also rose vis-a-vis the euro to 4.6200/6288 from 4.6298/6355 previously.However, the ringgit traded lower against ASEAN currencies.
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