The ringgit opened slightly higher against the US dollar amid cautious sentiment as the market needs to digest some important data throughout the week.
At 9am, the ringgit was trading stronger at 4.7140 against the US dollar than it closed at 4.7160 last Friday.
According to the Chief Economist of Bank Muamalat Malaysia Bhd, Dr Afzanizam said there are several series of Purchasing Managers' Index (PMI) data that will influence market sentiment.
He also said that the ISM Manufacturing Index data for June which will be published at 10pm tonight is expected to remain below 50 points to continue the contraction for two consecutive months.
Additionally, there are the Job Openings and Labor Survey (JOLTS) reports on Tuesday, ADP Employment on Wednesday and Non-Farm Payroll (NFP) on Friday.
Starting today, the start of trading in the second half of 2024 will be presented with several important events in Europe such as the UK and French elections. The United States that took place in November also had an important influence on market sentiment.
The FOMC meeting scheduled for Thursday will be closely watched for signs of possible monetary easing in the future.
Meanwhile, the ringgit was mostly higher against a group of major currencies in the early session.
The ringgit appreciated against the Japanese yen to 2.9274/9301 from 2.9345/9365 and rose against the British pound to 5.9632/9683 from 5.9639/9676. It eased against the euro to 5.0643/0685 from 5.0494 at Friday's close
The ringgit is also mostly higher than its Asean peers.
The local note rose against the Singapore dollar to 3.4777/4809 from 3.4792/4816, strengthened against the Thai baht to 12.8307/8472 from 12.8508/8646 and it rose against the Indonesian rupiah to 287.8/288.2 from 287.3/2.
However, it was unchanged against the Philippine peso at 8.05/8.06
