Ringgit Rises Ahead of US Economic Data Amid Easing Tensions

The Malaysian ringgit opened higher against the US dollar on Monday ahead of key economic data releases in the United States. According to Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid, the US Institute for Supply Management Manufacturing PMI for July is due tonight and is expected to edge up from June's reading of 53.3 to 54.0.

Afzanizam also noted that easing tensions in the Middle East have contributed to a rise in Brent crude oil prices by 4.59% to US$88.10 per barrel over the weekend.

However, Afzanizam warned that market sentiment remains cautious and expects the ringgit to trade within a narrow range of RM4.07 to RM4.09 today.