Ringgit lower against dollar for third straight day

At the close, the ringgit was traded mostly lower against a basket of major currencies.

PETALING JAYA: The ringgit ended lower against the dollar for the third consecutive day despite signs that a weak labour market in the United States could tilt the Federal Reserve’s (Fed) monetary stance towards an easing bias.

At 6pm, the ringgit decreased to 4.6720/6765 against the greenback from Wednesday’s close of 4.6665/6700.

According to the most recent Job Opening and Labour Turnover Survey, job openings in the United States fell to 8.7 million in October, down from the record high of 12 million in March 2022, below the anticipated 9.3 million according to consensus estimates.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the lower-than-anticipated number of US job openings clearly indicated that the diminishing demand for labour might prompt a reconsideration of the monetary policy stance among members of the Federal Open Market Committee.

“This is significant as achieving maximum employment is one of its dual mandates, the other being price stability, which is related to inflation,” he told Bernama.

Mohd Afzanizam said there appeared to be a positive relationship after examining the correlation between the job opening rate and the growth in average hourly earnings.

Meanwhile, Mohd Afzanizam said China’s trade data showed some improvements.

It exports grew 0.5% in November against consensus estimates of a 1.1% contraction.

At the close, the ringgit was traded mostly lower against a basket of major currencies.

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