Qualampur: Ringit was opened more on Tuesday, but is likely to do carefully trading today as traders will observe a meeting of Bank Negara Malaysia (BNM) monetary policy committee on this Thursday with a report by the United States (US) Non-Agricultural Payroll (NFP).
At 8 am, local notes rose to 4.2230/2275 on Friday to 4.2205/2300 against the US dollar.
Bank Malaysia Malaysia Bhad Chief Economist Dr. Mohammad Afzanim Abdul Rashid hopes that BNM will be maintained at 2.75 percent of the policy rate (OPR) overnight.
“BNM has made a pre-cut cut in OPR. I think monetary policy is sufficient to support housing degree development.
“The more important thing is that the market would like to see the latest evaluation related to the current status of the economy and its possibilities by the central bank,” he told Bernma.
Globally, he stated that the latest university of Michigan University Consumer Affairs Index (CSI) exceeded 58.2 points in August, below 58.6 points estimates of 58.6 points.
He said, “CSI has scored 59.8 points in the first eight months of this year, which is against 73.0 points in the same period last year, suggesting that consumers have become more careful than the status of the US economy,” he said.
Meanwhile, Mohammad Afzanizam said that NFP is an important barometer for the Federal Reserve’s decision on 17 September, especially in view of the important downward revision in June and May.
He said, “Unanimous estimates have placed NFPs at 74,000 in August, which is slightly higher than 73,000 in July,” he said.
Therefore, he said that the ringitte can trade between RM4.21 and RM4.22 today as the US dollar has shown a depreciation tendency against other major currencies.
At the same time, Ringit opened less than the basket of most major currencies.
It strengthened against Japanese Yen against 2.8708/8741 to 2.869/8758 on Friday, decreased from 5.7171/7300 5.6833/6894 against British pounds and weakened from 4.9443/9554 to 4.9291/9343 against Euro.
Ringit was less than most other ASEAN postures. It was against Indonesian Rupiah against 255.9/256.3 to 257.0/257.7, from 3.2875/2899 to 3.2875/2899 to 3.2859/2899 to 13.0327/0519 to 13.0327/0519 against Singapore dollar.
The local note reached 7.37/7.40 against the Philippine Peso from 7.39/7.40 last Friday. – Bernma
