Ringgit Strengthens Against Greenback Amid Weak Us Data


 The local note traded mostly higher against a basket of major currencies at today’s opening.
KUALA LUMPUR: The ringgit continues to strengthen against the US dollar today, as the US economic data points to further weakening amid concerns over tariffs and fiscal policies, an analyst said
At 8am, the local note improved to 4.2140/4.2335 against the greenback from yesterday’s close of 4.2245/4.2295.
Bank Muamalat chief economist Afzanizam Rashid said the US dollar index (DXY) slipped by 0.05% to 98.741 points as US economic data showed signs of further slowdown.
“US initial jobless claims rose to 247,000 last week, marking the second consecutive week of increases, while the continuous jobless claims remained elevated to 1.904 million for the week ending May 24, 2025.
“The focus tonight will be on the nonfarm payroll (NFP), which is expected to reach 125,000 in May (consensus) from the previous month’s print of 177,000,” he told Bernama.
Afzanizam said emerging market currencies, including the ringgit, have been appreciating against the US dollar due to a weaker US economic outlook and continued concerns over tariffs and fiscal policies.
“The prevailing market condition defied the norms because the US dollar has been deemed a safe-haven currency. Traders and investors would normally flock to the US dollar to seek protection against extreme volatility,” he said.
Afzanizam said the market will continue to be wary of US tariff policies and the recent fallout between US President Donald Trump and Elon Musk over the government’s budgetary position and its impact on the global economy, which may lead to further noise in the market sentiments.
“At the end of the day, it is about prescribing a good policy and implementing it promptly to see the outcome,” he said.
He said the ringgit may continue to climb in light of the prevailing condition, reaching RM4.20 in the near term.
The ringgit traded mostly higher against a basket of major currencies at the opening.
It appreciated against the Japanese yen to 2.9343/2.9481 from yesterday’s 2.9495/2.9531 and climbed against the British pound to 5.7226/5.7491 from 5.7301/5.7369, but slid versus the euro to 4.8263/4.8486 from 4.8235/4.8292.
The local currency also traded higher against most of its Asean peers.
It gained versus the Singapore dollar to 3.2758/3.2915 from yesterday’s close of 3.2881/3.2922 and was marginally higher against the Indonesian rupiah at 258.7/260.1 from 259.3/259.8.
The ringgit surged against the Thai baht to 12.9157/12.9854 from yesterday’s close of 12.9925/13.0138 and edged up against the Philippine peso to 7.57/7.62 from 7.59/7.61. - FMT


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