Ringgit Rises As Traders Turn Cautious Ahead Of Us Tariff Move


 The local note rebounds to 4.2205/4.2295 against the dollar, after a weaker close the day before.
KUALA LUMPUR: The ringgit opened higher against the US dollar on Thursday, rebounding from a weaker close the day before, as traders turned cautious and pared greenback holdings ahead of the July 9 expiry of the US 90-day tariff pause, an analyst said
At 8am, the local note stood at 4.2205/4.2295 against the greenback, up from Wednesday’s close of 4.2245/4.2305.
Meanwhile, the US Dollar Index eased 0.04% to 96.776, after US labour market data pointed to weakness in June.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the US private sector shed 33,000 jobs in June, according to payroll data firm Automatic Data Processing (ADP), defying market expectations of a 99,000 increase.
“Job losses were most apparent in services sectors such as financial activities and professional and business services. Tonight’s nonfarm payroll (NFP) report will be closely watched, given the positive correlation between ADP and NFP readings,” he told Bernama.
Mohd Afzanizam said signs of a weakening labour market have started to emerge, which could influence the US Federal Reserve’s interest rate outlook and strengthen the case for rate cuts.
“On Wednesday, the ringgit weakened to RM4.2275 from RM4.1980, marking a 0.7% depreciation. This was likely due to profit-taking ahead of the expiry of the US tariff pause,” he added.
He also noted possible signs of concessions from the US government, citing the case of Vietnam, where reciprocal tariffs were reduced to 20%.
“Given these developments, the ringgit may remain range-bound as market participants stay cautious ahead of tonight’s NFP data and the upcoming US tariff decision,” he added.
At the opening, the ringgit was mixed against a basket of major and Asean currencies.
It strengthened against the British pound to 5.7606/5.7728 from 5.7859/5.7941, but slipped versus the euro to 4.9793/4.9900 from 4.9748/4.9818 and fell against the Japanese yen to 2.9405/2.9470 from 2.9316/2.9360.
The local note was firmer against the Singapore dollar at 3.3154/3.3230 from 3.3167/3.3217, edged up against the Indonesian rupiah to 259.7/260.4 from 259.9/260.5, and rose against the Philippine peso to 7.48/7.50 from 7.49/7.51. However, it eased against the Thai baht to 13.0391/13.0742 from 13.0233/13.0482. - FMT


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