Ringgit opens higher against USD

Feb 6, 2017
At 9.03 am today, the ringgit was traded at 4.4200/4250 against the US dollar, compared with 4.4260/4300 on Friday, Feb 3.
At 9.03 am today, the ringgit was traded at 4.4200/4250 against the US dollar, compared with 4.4260/4300 on Friday, Feb 3.

The ringgit opened higher against the US dollar today following the release of the US non-farm payrolls data (NFP) last Friday, Feb 3, showing some underwhelming wage growth causing traders to be indecisive, dealers said.

At 9.03 am, the ringgit was traded at 4.4200/4250 against the US dollar, compared with 4.4260/4300 on Friday.

It was reported the US added 227,000 jobs, way above the expected 175,000, but the tepid wage growth and its lack of inflationary pressure pushed back the need for the US Federal Reserve to increase interest rates.

“When you combine this with the uncertainty over US President Donald Trump’s administration is going to implement its protectionist policies before pushing ahead with its stimulus promises which the financial markets purchased heavily into, you can understand why traders are behaving undecidedly to the NFP,” said FXTM Market Research Vice President, Jameel Ahmad, in a statement.

The ringgit was, however, traded mostly lower against a basket of major currencies.

It rose against the British pound to 5.5206/5282 from 5.5250/5304 on Friday.

It depreciated against the euro to 4.7665/7728 from 4.7535/7600 previously.

The local unit softened against the Singapore dollar to 3.1428/1481 from 3.1292/1330 last Friday and eased against the yen to 3.9366/9421 from 3.9123/9165 previously. – Bernama

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