By Kisho Kumari Sucedaram
KUALA LUMPUR, July 5 (Bernama) — The ringgit closed slightly higher against the US dollar today as market participants awaited the United States nonfarm payrolls data due tonight, an analyst said.
At 6 pm, the ringgit edged up to 4.7065/7110 versus the greenback from Thursday’s close of 4.7080/7100.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Rashid said weaker US data suggests that the Federal Reserve might want to begin its monetary easing cycle as early as September.
“This is to ensure the growth trajectory will remain stable,” he told Bernama.
Meanwhile, the ringgit traded lower against a basket of major currencies.
The local note slipped further against the Japanese yen to 2.9286/9315 from 2.9195/9209 at Thursday’s close, dropped vis-a-vis the euro to 5.0953/1001 from 5.0837/0859 yesterday, and fell versus the British pound to 6.0182/0240 from 6.0022/0048 as the Labour Party is set to form the next United Kingdom (UK) government following the latest election’s results.
According to reports, British Prime Minister Rishi Sunak has announced his resignation as leader of the Conservative Party.
The ringgit also closed lower against its ASEAN peers.
The local currency eased versus the Indonesian rupiah to 289.1/289.5 from 288.2/288.5 at Thursday’s close, declined against the Singapore dollar to 3.4876/4912 from 3.4830/4848 yesterday, weakened vis-a-vis the Thai baht to 12.8646/8818 from 12.8483/8590 previously, and fell versus the Philippine peso to 8.04/8.05 from 8.03/8.04.
The market will be closed on Monday, July 8, 2024, in conjunction with the Awal Muharram replacement holiday and will reopen on Tuesday.
— BERNAMA
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