Forex
Ringgit Rises on US Jobs Data, Hormuz Uncertainty Remains
The ringgit has strengthened against the US dollar following weaker-than-expected US non-farm payrolls data.
According to Dr. Mohd Afzanizam, chief economist at Bank Muamalat Malaysia Bhd, the US NFP for July fell by 23,000, missing a consensus estimate of 88,000 jobs created.
This has led to a decrease in the odds for an interest rate hike at the September Federal Open Market Committee (FOMC) meeting from 57% to 43.9%.
The ringgit opened higher against the US dollar at 4.0875/0925, up from Friday's close of 4.0885/0930.