Ringgit closes higher vs greenback ahead of US jobs data

KUALA LUMPUR: The ringgit ended higher against the greenback today as forex traders awaited the release of the US nonfarm payrolls (NFP) data later tonight, which will provide further clarity on the interest rate outlook of the United States.

At 6 pm, the ringgit rose to 4.6625/6665 against the greenback from Thursday’s close of 4.6720/6765.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said consensus estimates have pegged the NFP at 180,000 jobs for November, which is higher compared to October, with the US unemployment rate anticipated to remain unchanged at 3.90 per cent.

"US labour markets are showing signs of fatigue in light of the recent Job Opening and Labor Turnover Survey report which showed that demand for labour is waning,” he told Bernama.

Additionally, Mohd Afzanizam said that the latest US Institute for Supply Management's (ISM) manufacturing Purchasing Managers' Index (PMI) data showed US factory activity remained subdued, and that "most businesses have been complaining about slowing demand and the need to reduce their inventory levels.”

At the close, the ringgit was traded mostly higher versus a basket of major currencies.

It was higher against the British pound at 5.8542/8593 from 5.8802/8858 at Thursday’s close and improved vis-a-vis the euro to 5.0243/0286 from 5.0359/0408 yesterday.

However, the ringgit fell against the Japanese yen to 3.2307/2337 from 3.2243/2276 previously.

Meanwhile, the ringgit traded higher against other Asean currencies.

It appreciated versus the Philippine peso to 8.41/8.43 from 8.45/8.46 on Thursday, increased against the Thai baht to 13.1933/2094 from 13.2803/3014, rose marginally versus the Singapore dollar to 3.4818/4853 from 3.4884/4920, and strengthened against the Indonesian rupiah to 300.4/300.8 from 301.0/301.5 previously. - Bernama

Follow us on our official WhatsApp channel for breaking news alerts and key updates!


Next In Business News

Kerjaya Prospek records higher 4Q net profit of RM35.74mil
FBM KLCI maintains slight lead on final day of results period
Malaysia expects ringgit to rise this year, rules out currency peg
Ringgit rebounds to open higher against US$
Aluminium prices to remain under pressure in 2024
Soaring bitcoin set for sharpest monthly jump since 2020
Japan factory output falls at the fastest pace in nearly 4 years
FBM KCI rebounds slightly but volatility remains
Trading ideas: Maybank, Hong Leong Bank, HLFG, Public Bank, Farm Fresh, Hap Seng, Press Metal, Capital A, PPB, IJM, MYEG and Pecca
US SEC to vote on long-awaited climate disclosure rule, notice says

Others Also Read