Ringgit Weakens Against Majors Amid Strong US Jobs Data and Upcoming CPI Report

The Ringgit (MYR) weakened against major currencies on Monday after robust US non-farm payrolls data was released. The MYR slipped to 4.0440/4.0485 against the US dollar from last Friday's close of 4.0425/4.0465.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid attributed the market's cautious sentiment to upcoming US consumer price index (CPI) data, which will be released on Friday and may influence the Federal Reserve's interest rate decision at its next meeting scheduled for September 15-16.

The strong NFP data showed a rise of 162,000 jobs in August, exceeding the consensus forecast of 55,000. The MYR also declined against other major currencies, including the euro, British pound, and Japanese yen, as well as regional currencies such as the Philippine peso and Singapore dollar.