Ringgit Falls Amid Rising US Yields and Uncertainty
The Malaysian ringgit ended lower against major currencies on Monday due to rising US Treasury yields and renewed uncertainty over the path of US monetary policy.
According to Stephen Innes, managing partner at SPI Asset Management, investors are now focusing on a busy US economic data calendar, including the Job Openings and Labour Turnover Survey (JOLTS), ADP employment data, and nonfarm payrolls report on August 7.
Innes noted that nonfarm payrolls remain the week's key macro risk event, which will determine whether the US dollar has further room to weaken.
Bank Muamalat Malaysia Bhd chief economist Dr. Mohd Afzanizam Abdul Rashid observed that the ringgit initially started on a stronger note against the US dollar but eventually moved towards 4.09 in the afternoon session.