The ringgit continued to be well supported while maintaining its momentum for almost two weeks as foreign investors flocked to Asia-Pacific investments before it lost modestly on Tuesday.
At 11am, the ringgit was seen to have weakened slightly to 4.4630 against the US dollar from 4.4200 at the close of trading on Monday.
The US unemployment rate reportedly jumped to a nearly three-year high of 4.3% in July compared to 4.1% in June.
Head of Investment Research at UOB Kay Hian Wealth Advisors, Sedek Jantan said the weak US jobs data after US bond yields dropped significantly has prompted investors to start looking for safe assets for their savings.
He also said that the PMI and PMI index releases are both above 50 and have reduced concerns about the US recession.
Meanwhile, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid believes USD/MYR is on track to move towards its current support level of RM4.40.
For now, the ringgit appreciated against the Japanese yen to 3.0301/3.0378 from 3.1067/3.1117 and rose against the euro to 4.8395/4.8504 from 4.8434/4.8505 previously.
Local notes are also trading higher than their Asean counterparts.
It rose against the Indonesian rupiah to 273.0/273.7 from 273.2/273.7 on Monday and rose against the Philippine peso to 7.63/7.66 from 7.64/7.66.
In addition, the ringgit appreciated against the Singapore dollar to 3.3343/3.3424 from 3.3485/3.3536 and rose higher against the Thai baht to 12.4405/12.4789 from 12.5528/12.5791 previously.
