Ringgit Gains Ahead of Key US Economic Data Amid Easing Tensions

The Malaysian ringgit opened higher against the US dollar on Monday ahead of key US economic data releases.

Bank Muamalat Malaysia Bhd's chief economist Mohd Afzanizam Abdul Rashid said that tonight's release of the US Institute for Supply Management's Purchasing Managers' Index for July is expected to be 54.0, higher than June's 53.3.

Afzanizam noted that uncertainties over the West Asia conflict have weighed on market sentiment, with Brent crude oil rising 4.59% to US$88.10 per barrel.

SPI Asset Management managing partner Stephen Innes said the cancellation of planned military strikes against Iran has weakened the US dollar and sent oil prices lower, which could support the ringgit today.