Disappointing US economic data affects currency's performance. FMTNews US
KUALA LUMPUR: The ringgit opened weaker against the US dollar today after yesterday’s released of disappointing economic data, casting doubt on the country’s economic growth momentum, said dealers.A dealer said the Producer Price Index delivered a disappointing performance amid a widening contraction in September vis-a-vis August, dashing hopes that the PPI could be on track for a sustained recovery.
“Deeper contraction in mining, down 14.4% year-on-year and the lowest for the year, is worrying as this may take a toll on exports and growth momentum given that mining represents about 7% of the economy,” he said. September PPI for local production fell 2.4% from the same month last year and down 1.9% from August.The ringgit decreased against the Singapore dollar to 3.0461/0501 from yesterday’s close of 3.0415/0448 and depreciated against the yen to 3.8098/8132 from 3.7932/7966.
It eased against the British pound to 5.3352/3399 from 5.3158/3213 and declined versus the euro to 4.5700/5737 from 4.5679/5729.
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