JOLTS employment data published in the New York session yesterday recorded the lowest figure since 2021 for the number of job offers opened in the United States (US).
This situation added pressure to the world's largest economy in addition to triggering a further decline in US dollar trading.
The advantage was taken advantage of by the ringgit, which opened higher against the US dollar on Thursday to show its best performance in 20 months of trading.
According to the Chief Economist of Bank Muamalat Malaysia Sdn Bhd Afzaninam Rashid is of the view that demand for the ringgit will remain strong in an atmosphere of global market uncertainty.
The current situation is seen in favor of the ringgit as the US Federal Reserve (Fed) central bank is expected to lower interest rates at the September meeting.
Meanwhile, Bank Negara Malaysia (BNM) is expected to continue to maintain the overnight policy rate (OPR) at 3.00%.
The difference in policy approach will maintain support for the ringgit's current performance, at least until the end of 2024.
The ringgit traded higher against a group of major currencies this morning.
The local currency was higher against the Euro to 4.8065/4.8248 from 4.8082/4.8143, better against the British pound at 5.7019/5.7236 from 5.7052/5.7125 previously.
However, it fell against the rising Yen amid a risky global market environment, to 3.0262/3.0379 from 2.9981/3.0021 yesterday.
The local note rose against the Singapore dollar to 3.3280/3.3409 from 3.3299/3.3344, rising against the Indonesian rupiah from 280.2/281.4 to 281.0/281.5.
Also rose against the Philippine peso to 7.67/7.70 from 7.69/7.70 but eased against the Thai baht to 12.7584/12.8153 from 12.7096/12.7294 yesterday.
