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KUALA LUMPUR, Malaysia (July 1): According to a dealer, the ringgit opened lower versus the US dollar this morning as the release of US economic figures bolstered the greenback.
The local currency was trading at 4.1550/1580 against the US dollar at 9.02 a.m., down from 4.1480/1500 at yesterday’s close.
Dyogenes Rodrigues Diniz, an ActivTrades trader, said the US ADP non-farm employment change data issued yesterday was slightly higher than predicted.
“The ADP is particularly noteworthy since it is widely regarded as an excellent predictor of the official non-farm payroll data set, which will be issued on Friday (tomorrow),” he explained.
The announcement of the US pending home sale indicator, which surprisingly soared from an early projection of 0.8 percent to 8% in May, also helped the greenback, according to Diniz.
“These findings bolstered the value of the US currency. However, because to the global distribution of the new Covid-19 Delta type, market mood remains cautious “Added he.
Meanwhile, the ringgit was trading higher versus a basket of major currencies at the start of the day.
It strengthened against the British pound, rising to 5.7397/7439 from 5.7462/7490 at yesterday’s close, and against the euro, rising to 4.9237/9272 from 4.9316/9339.
The local currency gained ground against the Singapore dollar, rising to 3.0869/0896 from 3.0870/0887 yesterday, and against the Japanese yen, rising to 3.7409/7439 from 3.7528/7550.
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