Set to hold steady around 4.33-4.35/USD unless US jobs data disappoints
As noted in our previous FX report, the ringgit lost some earlier gains, fluctuating between 4.34 - 4.37 against the USD. It weakened to 4.37 on Monday, impacted by strong US consumer spending data released last Friday. A cautious market stance ahead of today’s key jobs data also pressured risk-sensitive assets. However, disappointing JOLTS data led to a downward recalibration of the Fed’s terminal rate, boosting the ringgit back to around the 4.34/USD level. It also benefited from stable domestic economic conditions and BNM’s decision to hold interest rates steady.
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