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Ringgit slips as strong jobs data boosts US dollar

Monday, 8 August 2016

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KUALA LUMPUR: The ringgit opened weaker against a rejuvenated US dollar on Monday following the strong jobs data released on last Friday night.
 
At 9.07 am, the ringgit was quoted at 4.0450/0500 vis-a-vis the greenback against Friday’s close of 4.0200/0250.

 A dealer said the strong US jobs data bolstered expectations of a growing economy,thus, raising the probability of a Federal Reserve interest rate hike within this year. 

“July data for the US non-farm payrolls rose by 255,000 jobs, far above the economists’ forecast of 180,000,” he said.

Meanwhile, the local unit traded mixed against other major currencies.

 It rose against the Singapore dollar to 2.9979/0036 from 2.9993/9033 on Friday and strengthened against the yen to 3.9630/9698 from 3.9806/9875.

 The ringgit, however, declined against the British pound to 5.2917/3002 from 5.2911/2989 and weakened against the euro to 4.4827/4898 from last week’s 4.4783/4855 close. – Bernama

Source by: The Star Online

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