KUALA LUMPUR — The ringgit is likely to trade around the 4.10 level versus the US dollar next week, driven by favourable external factors amid a recovery in crude oil prices.
A dealer said the US non-farm payroll data which fell below expectation would make the Federal Reserve more cautious about increasing interest rates.
The non-farm payrolls data released by the US Labour Department on Friday showed 156,000 jobs created in September, down from 167,000 jobs in August.
cIt has missed the market expectation of 175,000 jobs. The data shows job growth has slowed, and if the Federal Reserve does not hike the rates in the short term, it will benefit our ringgit and other Asian currencies,” the dealer said.
On a Tuesday-to-Friday basis, the local note weakened against the greenback to 4.1535/1585 from 4.1320/1390 last week. The ringgit also ended mixed against a basket of currencies.
It fell against the Singapore dollar to 4.1535/1585 from 3.0269/0325 last Friday and declined against the euro to 4.6199/6267 from 4.6159/6253 previously.
The ringgit appreciated against the yen to 3.9999/9066 from 4.0862/0944 last week and rose against the British pound to 5.1142/1220 against 5.3596/3704 last Friday.
The market was closed on Monday in lieu of the Awal Muharram Muslim New Year public holiday on Sunday. — Bernama