Ringgit Opens Mixed Against Regional Peers Amid Stronger US Jobs Data

By K. Naveen Prabu

KUALA LUMPUR, May 20 (Bernama) -- The ringgit opened mixed against regional peers and was mostly firmer against major currencies today, amid cautious market sentiment following stronger-than-expected United States jobs data.

At 8 am, however, the local unit slipped to 3.9755/9855 against the greenback from Tuesday’s close of 3.9745/9785.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) appears to be gaining strength, rising 0.14 per cent to 99.327 points following higher-than-expected labour market data.

He said the weekly automatic data processing (ADP) employment change rose to 42,250 from 33,000 previously.

“In view of the ongoing stalemate in the US-Iran negotiations and concerns over higher global inflation, the US dollar is expected to remain well supported.

“On that note, expect the ringgit’s sideways trend to persist today,” he told Bernama.

At the opening, the ringgit traded mostly higher against a basket of major currencies.

The local note appreciated against the British pound to 5.3248/3382 from 5.3282/3336 at Tuesday’s close, strengthened against the euro to 4.6140/6256 from 4.6180/6226 previously, but eased against the Japanese yen to 2.4995/5060 from 2.4980/5006.

The ringgit also appreciated against the Thai baht to 12.1541/1918 from 12.1719/1898 and strengthened against the Singapore dollar to 3.1003/1083 from 3.1022/1055 previously.

However, the local currency slipped against the Indonesian rupiah to 224.5/225.2 from 224.4/224.8 previously and depreciated against the Philippine peso to 6.44/6.46 from 6.43/6.45 previously.

-- BERNAMA