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KUALA LUMPUR – The ringgit opened lower against the US dollar this morning, weighed down by strong US labour market data which increased chances that the Federal Reserve (Fed) would maintain its restrictive stance on monetary policy, said an economist.
At 9am, the local unit fell to 4.6680/6725 versus the US dollar compared with 4.6580/6630 at yesterday’s close.
The latest ADP Nonfarm Employment Change data for the month of June reportedly rose higher than expected to 497,000 versus 228,000 forecast.
Meanwhile, Bursa Malaysia opened lower today following Wall Street’s negative performance overnight as traders were spooked by the higher-than-expected US non-farm payrolls data for June which will increase the possibility for the US Federal Reserves to hike rates.
At 9.10am, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.92 points to 1,383.03 from 1,385.95 at yesterday’s close.
The key index opened 3.75 of-a-point lower at 1,382.20.
The broader market was also negative as decliners beat advancers 178 to 97, while 218 counters were unchanged, 1,767 untraded and 28 others suspended.
Turnover stood at 142.91 million units worth RM57.17 million. – Bernama, July 7, 2023