皇冠球网:Ringgit ends lower as greenback climbs on back of positive US economic data

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KUALA LUMPUR: The ringgit ended lower against the US dollar today as the greenback strengthened on the back of positive US economic data.

At 6 pm, the local note retreated to 4.4005/4070 versus the greenback from Thursday’s close of 4.3860/3915.

US companies added 235,000 private sector jobs in December, more than expected, while jobless claims declined in the latest data, with the stronger labour market report keeping alive the narrative of an aggressive interest rate hike by the US Federal Reserve (Fed).

ActivTrades trader Dyogenes Rodrigues Diniz said investors were also cautious ahead of US non-farm payroll data to be released overnight.

He said the market expectation is that the non-farm payroll report will show the creation of 200,000 new jobs in the US in December 2022 and that the unemployment rate will remain at 3.7 per cent.

"If the data comes in line with expectations, it is possible that the US dollar will fall further against the ringgit, as this will mean softer monetary policies can be adopted throughout 2023,” he told Bernama.

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Diniz said from a technical point of view, the ringgit can go up to the 4.2500 level against the US dollar, where it may find temporary support.

SPI Asset Management managing partner Stephen Innes said despite optimism on the China reopening factor, the ringgit had struggled to make headway today due to the hawkish Fed narrative after the stronger-than-expected jobs report and ahead of tonight's key non-farm payroll data.

The ringgit was traded firmer against a basket of major currencies.

It rose against the British pound to 5.2159/2336 from 5.2781/2847 at Thursday’s close and appreciated against the euro to 4.6254/6322 from 4.6588/6647.

The local currency also strengthened versus the Singapore dollar to 3.2664/2717 from 3.2748/2794 and improved vis-a-vis the Japanese yen to 3.2739/2793 from 3.3104/3148 previously. - Bernama

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