Ringgit Continues To Climb Against Greenback Ahead Of Us Data Release

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Domestically, the latest Cabinet reshuffle by Prime Minister Anwar Ibrahim should be viewed positively for the economy, says analyst.
KUALA LUMPUR: The ringgit continued its upward momentum on Tuesday, closing against the greenback at the 4.08 level ahead of the release of US nonfarm payrolls (NFP) data later tonight
Bank Muamalat Malaysia Bhd’s chief economist Afzanizam Abdul Rashid told Bernama that the NFP data tonight could provide a clearer direction on the US monetary policy outlook. “Should the NFP turn out to be lower, it will raise the odds for more (US) rate cuts in 2026,” he said.
The ringgit jumped to the 4.08 level against the US dollar at Tuesday’s opening, marking its strongest performance in nearly five years.
Domestically, Afzanizam said the latest Cabinet reshuffle by Prime Minister Anwar Ibrahim should be viewed positively for the economy.
“This (latest Cabinet reshuffle) will ensure policy continuity and consistency following a number of ministerial vacancies that has occurred for several months,” he added.
At the close, the ringgit traded higher against a basket of major currencies.
At 6pm, the ringgit bounced to 4.0835/4.0875 against the greenback, from 4.0930/4.0980 at yesterday’s close.
It gained against the British pound to 5.4760/5.4813 from 5.4793/5.4860, rose against the Japanese yen to 2.6372/2.6400 from 2.6410/2.6444, and edged up against the euro to 4.8014/4.8061 from 4.8064/4.8123.
The local currency traded mainly higher against Asean peers.
It gained against the Singapore dollar to 3.1657/3.1691 from 3.1746/3.1787, strengthened versus the Thai baht to 12.9532/12.9721 from 13.0201/13.0422, and edged against the Indonesian rupiah to 244.6/245.0 from 245.5/245.9. However, it dropped against the Philippine peso to 6.95/6.96 from 6.93/6.94 previously. - FMT

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