The ringgit opened slightly lower against the US dollar in Friday's trade as a cautious US economic outlook prompted more investors to turn to safe-haven commodity commodities.
At 10.50am, the ringgit was trading at 4.7150, recovering slightly by 0.06% against the US dollar from its close of 4.7160 on Thursday.
Bank Muamalat Malaysia Bhd Chief Economist, Dr Afzanizam said the US Dollar Index (DXY) fell 0.14% to 105.906.
Additionally, US Treasury yields for 2 and 10 years fell 4.0 basis points to 4.71% and 4.29% respectively as the preferred inflation gauge is expected to decline in May.
Consensus data estimate the Price Index of Personal Consumer Expenditures (PCE) to 2.6% for May from 2.8% compared to the previous month.
He added, Atlanta Fed Bank President Raphael Bostic said that the Fed may be inclined to cut interest rates once the inflation rate continues to decline.
Meanwhile, the ringgit was mostly higher against a group of major currencies in the early session.
It appreciated against the Japanese yen to 2.9311/2.9344 from 2.9383/2.9404 and rose against the British pound to 5.9604/5.9667 from 5.9643/5.9681. However, It eased against the euro to 5.0471/5.0524 from 5.0452/5.0484.
In addition, the ringgit is mostly lower than its Asean peers.
The local note rose against the Singapore dollar to 3.4721/3.4761 from 3.4761/3.4788, but eased against the Indonesian rupiah to 287.7/288.0 from 287.4/287.7.
It also eased against the Philippine peso to 8.04/8.05 from 8.03/8.04 and fell against the Thai baht to 12.7927/8115 from 12.7874/8015.
