THE ringgit ended higher against the greenback today as forex traders awaited the release of the US non-farm payrolls (NFP) data later tonight, which will provide further clarity on the interest rate outlook of the United States.

At 6pm, the ringgit rose to 4.6625/6665 against the greenback from yesterday’s close of 4.6720/6765.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said consensus estimates have pegged the NFP at 180,000 jobs for last month, which is higher than October, with the US unemployment rate anticipated to remain unchanged at 3.90%.

“US labour markets are showing signs of fatigue in light of the recent Job Opening and Labour Turnover Survey report, which showed that demand for labour is waning,” he told Bernama. 

Additionally, Afzanizam said the latest US Institute for Supply Management’s manufacturing Purchasing Managers’ Index data showed US factory activity remained subdued, and that “most businesses have been complaining about slowing demand and the need to reduce their inventory levels.” 

At the close, the ringgit traded mostly higher versus a basket of major currencies.

It was higher against the British pound at 5.8542/8593 from 5.8802/8858 at yesterday’s close and improved vis-a-vis the euro to 5.0243/0286 from 5.0359/0408.

However, the ringgit fell against the Japanese yen to 3.2307/2337 from 3.2243/2276.

Meanwhile, the ringgit traded higher against other Asean currencies.

It appreciated versus the Philippine peso to 8.41/8.43 from 8.45/8.46 yesterday, increased against the Thai baht to 13.1933/2094 from 13.2803/3014, rose marginally versus the Singapore dollar to 3.4818/4853 from 3.4884/4920, and strengthened against the Indonesian rupiah to 300.4/300.8 from 301.0/301.5. – Bernama, December 8, 2023.