The ringgit opened slightly higher against the US dollar on Thursday, supported by improved market sentiment after weaker-than-expected US economic data weighed on the greenback.
KUALA LUMPUR The ringgit opened slightly higher against the US dollar on Thursday supported by improved market sentiment after weaker-than-expected United States US economic data weighed on the greenback At 8 am the local currency strengthened marginally to 40905/0960 against the greenback from Wednesdays close of 40920/0960 Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said softer-than-expected US economic data had pushed the US Dollar Index DXY down 018 per cent to 99676 The Automatic Data Processing ADP Nonfarm Employment Change came in at 44000 in July below the consensus estimate of 68000 and down from 95000 in June The US Institute for Supply Management ISM non-manufacturing index stood at 541 in July below the consensus estimate of 545 he told Bernama Mohd Afzanizam said US Federal Reserve Governor Lisa Cook had indicated she would support an interest rate hike if inflation remained persistently high In addition the potential reopening of the Strait of Hormuz has kept Brent crude prices below US80 per barrel As such the US dollar/ringgit pair is expected to trade between RM407 and RM409 today he said Meanwhile Quintex Intel global strategist Stephen Innes said the broader US dollar was slightly weaker in early trade although risk sentiment had softened as investors awaited final details of a potential West Asia peace deal Markets are also entering the 48-hour window ahead of the US non-farm payrolls report prompting traders to rebalance risk and reduce exposure This suggests the ringgit may remain confined to a relatively narrow trading range in the early hours he added It eased against the Japanese yen to 25942/5978 from 25940/5967 at Wednesdays close and slipped against the euro to 47266/7329 from 47222/7268 but strengthened against the British pound to 55087/5161 from 55107/5161 It weakened against the Singapore dollar to 31932/1978 from 31916/1950 and fell against the Thai baht to 123655/3881 from 123216/3381 However the local currency edged up against the Indonesian rupiah to 2280/2285 from 2281/2285 and was unchanged against the Philippine peso at 673/674 Bernam.
KUALA LUMPUR The ringgit opened slightly higher against the US dollar on Thursday supported by improved market sentiment after weaker-than-expected United States US economic data weighed on the greenback At 8 am the local currency strengthened marginally to 40905/0960 against the greenback from Wednesdays close of 40920/0960 Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said softer-than-expected US economic data had pushed the US Dollar Index DXY down 018 per cent to 99676 The Automatic Data Processing ADP Nonfarm Employment Change came in at 44000 in July below the consensus estimate of 68000 and down from 95000 in June The US Institute for Supply Management ISM non-manufacturing index stood at 541 in July below the consensus estimate of 545 he told Bernama Mohd Afzanizam said US Federal Reserve Governor Lisa Cook had indicated she would support an interest rate hike if inflation remained persistently high In addition the potential reopening of the Strait of Hormuz has kept Brent crude prices below US80 per barrel As such the US dollar/ringgit pair is expected to trade between RM407 and RM409 today he said Meanwhile Quintex Intel global strategist Stephen Innes said the broader US dollar was slightly weaker in early trade although risk sentiment had softened as investors awaited final details of a potential West Asia peace deal Markets are also entering the 48-hour window ahead of the US non-farm payrolls report prompting traders to rebalance risk and reduce exposure This suggests the ringgit may remain confined to a relatively narrow trading range in the early hours he added It eased against the Japanese yen to 25942/5978 from 25940/5967 at Wednesdays close and slipped against the euro to 47266/7329 from 47222/7268 but strengthened against the British pound to 55087/5161 from 55107/5161 It weakened against the Singapore dollar to 31932/1978 from 31916/1950 and fell against the Thai baht to 123655/3881 from 123216/3381 However the local currency edged up against the Indonesian rupiah to 2280/2285 from 2281/2285 and was unchanged against the Philippine peso at 673/674 Bernam
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