Ringgit Rises as Market Awaits US Inflation Data
The Malaysian ringgit (MYR) ended higher against the US dollar on Wednesday ahead of the release of the US Consumer Price Index (CPI) report for July. The MYR rose to 4.0835/0875 versus the USD from Tuesday's close of 4.0905/0940, according to Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid.
'Clearly, market participants were guarded today as the US CPI will be published tonight,' said Dr Afzanizam, noting that economists are expecting a moderate US inflation rate for July. 'Consensus estimates showed CPI inflation could come in at 3.4 per cent in July versus 3.5 per cent for June.'
The MYR also appreciated against other major currencies, including the Japanese yen (JPY), euro (EUR), British pound (GBP), Singapore dollar (SGD), and Philippine peso (PHP). However, it edged down against the Thai baht (THB).