With Malaysians losing billions of ringgit to online scams, Guan Eng moots IGP lead special task force in war against fraudstersKUALA LUMPUR, June 5 ― The ringgit opened higher today against the US dollar amid the United States soft labour market data, said an analyst.
The latest report Jobs Opening and Labour Turnover Survey showed that demand for labour is on the way down. Job openings for April fell to 8.059 million from 8.355 million in the prior month.Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the latest labour market data will give the Federal Reserve reason for a pause and perhaps tilt its monetary stance towards policy accommodation in order to sustain economic growth.
“On that note, the US Dollar Index had stayed below 105 points for four consecutive days,” he told Bernama.Hence, Mohd Afzanizam expects the ringgit to continue to be well supported and could price below the RM4.70 mark. The local unit fell against the euro to 5.1111/1177 from 5.1099/1126 and slid vis-a-vis the British pound to 5.9991/6.0068 from 5.9988/6.0020 previously.