Ringgit Slumps as Treasury Yields Climb

The Malaysian ringgit has fallen against the US dollar and other major currencies due to rising US Treasury yields. On Monday, the local currency traded at 4.0935/4.0975 versus the greenback, down from last Friday's close of 4.0835/4.0875. This decline is attributed to renewed uncertainty over the path of US monetary policy.

According to SPI Asset Management managing partner Stephen Innes, investors are focusing on upcoming US economic data releases, including the Job Openings and Labour Turnover Survey (JOLTS), ADP employment data, and nonfarm payrolls report scheduled for August 7. These events may further impact market sentiment and currency values.