Ringgit Holds Steady Amid Weak US Job Numbers

The ringgit held steady against the US dollar on August 10 as investors awaited key data from the United States. The local currency remained unchanged at 4.0885/0930 against the greenback, a level it has maintained since last Friday.

According to Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid, the US non-farm payroll revealed a decline in jobs by 23,000 in July. This weak labour market would help temper inflationary pressures, making the case for a September rate hike less certain.

The Federal Open Market Committee members will assess the state of the economy when they meet on September 15-16. The US Consumer Price Index report to be released this Wednesday is critical in their decision-making process.