Ringgit opens higher against US dollar
KUALA LUMPUR,. The ringgit opened higher against the US dollar today as investors remained cautious ahead of the United States (US) economic data disclosure, a dealer said.
At 9.04am, the local note rose to 4.1465/1500 versus the greenback from yesterday’s close of 4.1535/1550.
The dealer said investors are likely to be content to play the range in the major currency space while waiting for the US non-farm payroll data which is due to be released tomorrow.
He said the latest US ADP employment report also highlights the problems employers are facing in filling up vacancies, which could start to raise the question of whether the economy would make substantial progress in the labour market over the next few months.
“Weakness in the US labour market is becoming a consistent theme across the Federal Reserve’s (Fed) regional surveys.
“Employers are still having trouble filling vacancies and that will complicate the economy from hitting the Fed’s substantial progress goal,” he said.
At the opening bell, the local note was traded mixed against a basket of major currencies.
It improved against the Singapore dollar to 3.0836/0864 from 3.0854/0867 at yesterday’s close and appreciated against the British pound to 5.7114/7162 from 5.7144/7164 previously.
However, the ringgit fell against the Japanese yen to 3.7702/7738 from 3.7663/7677 and weakened vis-a-vis the euro to 4.9107/9148 from yesterday’s close of 4.9099/9116. ― Bernama