KUALA LUMPUR, May 12 — The ringgit opened higher against a basket of major currencies, including the US dollar, ahead of the release of key United States (US) economic data later tonight that could reinforce expectations for the US Federal Reserve (Fed) to keep interest rates unchanged, said an analyst.

At 8am, the local unit inched up to 3.9200/9300 against the greenback, compared with yesterday’s close of 3.9220/9260.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US consumer price index (CPI) for April will be announced tonight, with headline and core CPI expected to increase by 3.7 per cent (March: 3.3 per cent) and 2.7 per cent (March: 2.6 per cent), respectively.

“Hence, the Fed may keep the rate steady while the odds for an interest rate cut this year would stay low.

“As such, the ringgit is expected to remain in sideways trading mode in the near term as the geopolitical risks remain heightened with a high-stakes meeting between US President Donald Trump and Chinese President Xi Jinping set to take place this week,” he told Bernama.

At the opening, the ringgit traded mostly higher against a basket of major currencies.

It appreciated against the Japanese yen to 2.4925/4990 from 2.4955/4983 at Monday’s close and strengthened versus the British pound to 5.3312/3448 from 5.3331/3383 yesterday, but eased against the euro to 4.6162/6280 from 4.6150/6197 previously.

At the same time, the local currency was traded mixed against regional peers.

It was up against the Singapore dollar to 3.0883/0964 from 3.0887/0921 at the close yesterday, and gained against the Indonesian rupiah to 225.1/225.7 from 225.2/225.5 previously. 

However, the ringgit was almost flat against the Philippine peso to 6.41/6.43 from yesterday’s close of 6.41/6.42 and weakened versus the Thai baht to 12.1374/1759 from 12.0900/1083 previously. — Bernama

KUALA LUMPUR, May 8 — The ringgit eased against major and regional currencies including the US dollar at the close on Friday as investors remain cautious ahead of the United States non-farm payrolls (NFP) report amid renewed escalation in the West Asia conflict.

At 6pm, the ringgit inched down against the US dollar to 3.9185/9230 from 3.9070/9115 at Thursday’s close.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the NFP is expected to decline to 65,000 in April based on consensus estimates versus 178,000 in March.

“The local note softened by 0.31 per cent in light of the unsettling event in West Asia,” he told Bernama.

Meanwhile, SPI Asset Management managing partner Stephen Innes said profit-taking activities emerged after another West Asia conflict escalation which briefly tested risk sentiment.

He said Iranian attacks on US warships that transited the Strait of Hormuz added a fresh layer of caution towards market sentiment.

“However, the broader ceasefire narrative remains intact after President Donald Trump continued to signal that the truce is still holding,” he said.

Innes said the market still believes in the West Asia conflict de-escalation trade, which should be supportive for Asian currencies and regional risk appetite.

“On the other hand, traders are reluctant to add fresh exposure before the US jobs print, especially if a stronger-than-expected number keeps the US Federal Reserve away from the easing path and supports the greenback,” he added.

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

It slipped versus the Japanese yen to 2.5010/5040 from 2.4982/5013 at Thursday’s close, eased against the British pound to 5.3354/3416 from 5.3202/3263 yesterday and fell vis-a-vis the euro to 4.6121/6174 from 4.5978/6031 previously.

The local currency was mostly lower against regional peers.

It edged down against the Singapore dollar to 3.0910/0948 from 3.0861/0901 at yesterday’s close, depreciated versus the Thai baht to 12.1640/1844 from 12.1486/1687 previously, and remained unchanged vis-a-vis the Indonesian rupiah at 225.4/225.7.

The ringgit was little changed against the Philippine peso to 6.46/6.47 from 6.46/6.48 at the previous close. — Bernama 

KUALA LUMPUR, May 8 — The ringgit opened higher against most major currencies but eased versus the US dollar as investors remained cautious following renewed escalation in the West Asia conflict, which dimmed hopes for a peace deal between the United States and Iran.

At 8 am, the local unit traded at 3.9100/9200 against the greenback, compared with Thursday’s close of 3.9070/9115.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) is quite flat, at around 98 points, as market participants await the release of the latest US jobs data.

Meanwhile, he noted that the ringgit closed 0.42 per cent higher against the greenback to RM3.9093 yesterday, after Bank Negara Malaysia (BNM) kept the overnight policy rate (OPR) unchanged at 2.75 per cent.

“They remain confident that strong economic fundamentals and sound economic policies would help the country’s economy to sustain its growth momentum.

“Hence, steady OPR should be ringgit-positive. On that note, expect the local currency to remain around RM3.90 against the greenback today,” he told Bernama.

At the opening, the ringgit traded higher against a basket of major currencies.

It strengthened against the euro to 4.5872/5989 from 4.5978/6031at Thursday’s close, rose versus the British pound to 5.3004/3140 from 5.3202/3263 previously, and strengthened against the Japanese yen to 2.4925/4990 from 2.4982/5013 from yesterday.

The local currency was mostly higher against regional peers.

It appreciated against the Singapore dollar to 3.0807/0890 from 3.0861/0901at Thursday’s close and strengthened versus the Thai baht to 12.1098/1479 from 12.1486/1687.

The local note traded almost flat against the Indonesian rupiah at 225.5/226.2 from 225.4/225, and there was little change versus the Philippine peso at 6.47/4/6.49 from 6.46/6.48. — Bernama