QualampurAn analyst stated that the Ringit opened higher against the US dollar on Thursday, a weak close rebounding a day earlier, as traders witnessed alert and passed Greenback Holdings before the end of 90-day end of the 90-day end of the 90-day 90-day of the 90-day tariff stagnation of the United States.
At 8 am, the local note was against Greenback at 4.2205/2295, close to 4.2245/2305 on Wednesday.
Meanwhile, after the US Dollar index pointed to weakness in June, the US dollar index extended 0.04 percent to 96.776.
According to the payroll data firm Automatic Data Processing (ADP), the Chief Economist of the Bank Malaysia BHD, Dr. Mohammad Afzanim Abdul Rashid said that the US private sector abandoned 33,000 jobs in June, defying the 99,000 growth market expectations.
He said, “Job disadvantage was most clear in financial activities and service sectors such as professional and professional services. The report of tonight’s nonform payroll (NFP) will be closely seen, looking at the positive correlation between ADP and NFP reading, looking at the positive correlation between ADP and NFP reading,” he told Bernma.
Mohammad Afzanizam said that signs of a weak labor market have started emerging, which can affect the approach to the US Federal Reserve interest rate and strengthen the rate of rate cuts.
He said, “On Wednesday, the ringitte weakened from RM4.1980 to RM4.2275, marked 0.7 percent of the depreciation. It was likely to be due to the benefit of the termination of American tariff stagnation,” he said.
He also noted the possible signals of concessions from the US government citing Vietnam’s case, where mutual tariffs decreased by 20 percent.
He said, “Given these developments, the ringt-range can remain alert as the participants of the market are alerted by the tonight’s NFP data and the upcoming US tariff decision,” he said.
In the opening, the ringitte was mixed against a basket of major and ASEAN currencies.
It strengthened against the British pound from 5.7859/7941 to 5.7606/7728, but slipped from Euro vs 4.9793/9818 to 4.9793/9900 and fell from 2.9316/9360 to 2.9405/9470 against Japanese Yen.
Local notes increased from 3.3154/3230 3.3167/3217 against Indonesian Rupiah from 259.7/260.5 to 259.7/260.5 to 259.7/260.5, and increased from 7.49/7.51 to 7.48/7.50 against the Philippine Peso. However, it was reduced from 13.0391/0742 against Thai Baht to 13.0233/0482.
