Ringgit Slumps Amid Rising US Treasury Yields and Monetary Policy Uncertainty

The Malaysian ringgit ended lower against the US dollar and other major currencies on Monday due to rising US Treasury yields and uncertainty over US monetary policy.

At 6 pm, the local currency weakened to 4.0935/0975 versus the greenback from last Friday's close of 4.0835/0875.

According to Stephen Innes, managing partner at SPI Asset Management, investors are now focusing on a busy US economic data calendar, including the Job Openings and Labour Turnover Survey (JOLTS), ADP employment data, and nonfarm payrolls report on August 7.

Innes emphasized that the upcoming US labour market data will be critical in determining whether the US dollar has further room to weaken, with nonfarm payrolls remaining the week's key macro risk event.