Ringgit Edges Higher Against USD Ahead of US Jobs Data

The Malaysian ringgit strengthened against the US dollar on Thursday ahead of the highly anticipated US non-farm payrolls report.

According to Bank Muamalat Malaysia Bhd's chief economist Dr Mohd Afzanizam Abdul Rashid, the local currency traded within a narrow range of 4.0872 to 4.0933 throughout the day, reflecting cautious market sentiment.

The US dollar was well-supported due to its rate hike thesis remaining intact for now, with the US Dollar Index (DXY) edging 0.09% higher to 99.762 points.

Market participants are now focusing on the US July employment report, which is expected to provide fresh clues on the Federal Reserve's monetary policy direction.