Ringgit Faces Pressure from Stronger US Jobs Data

The ringgit is expected to trade between RM4.04 and RM4.06 against the US dollar next week, as stronger-than-expected US jobs data puts pressure on regional currencies.

This comes after the release of the August non-farm payrolls (NFP) data, which showed a significant increase in jobs, exceeding expectations at 162,000.

Bank Muamalat Malaysia Bhd chief economist Dr. Mohd Afzanizam Abdul Rashid noted that this strong NFP outturn suggests the US Federal Reserve is likely to raise its benchmark interest rate in the upcoming FOMC meeting on September 15 and 16.