The local currency opens firmer at 4.0705/4.0805 as expectations build over a cautious Federal Reserve stance.The local currency opens firmer at 4.0705/4.0805 as expectations build over a cautious Federal Reserve stance.
Ringgit rises as weak US jobs data lifts rate-cut hopes
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KUALA LUMPUR: The ringgit opened firmer against the US dollar on Friday after weaker-than-expected US jobs data for June reinforced expectations that the Federal Reserve (Fed) could adopt a more cautious approach to interest rates.
At 8.04am, the local currency rose to 4.0705/4.0805 against the greenback from Thursday’s close of 4.0780/4.0830.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said US nonfarm payrolls increased by 57,000 in June, well below the consensus forecast of 114,000.
Payroll figures for April and May were also revised lower, signalling that the labour market may not be strong enough to justify an immediate interest rate hike by the Fed.
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