KUALA LUMPUR, Feb 5 — The ringgit slid further against the US dollar amid higher demand for the greenback on expectation of positive US nonfarm payroll (NFP) data, which will be released later today, said an analyst.
The local unit fell sharply to 4.0680/0730 against the US dollar from Thursday’s close of 4.0570/0600.
Axi chief global market strategist Stephen Innes said most Asian currencies, including the ringgit, fell ahead of the US employment data as the thought was on a positive NFP print which should see the US dollar rise further as US stocks’ yields moved higher.
“The US dollar started the week in favour, and the stronger US economic data has confirmed (the sentiment). But the proof will ultimately be in the NFP pudding, which is the key indicator of all US economic data,” he told Bernama.
Meanwhile, the local unit was also traded lower against other major currencies.
It eased against the Singapore dollar to 3.0415/0455 from Thursday’s 3.0374/0410 and slipped against the yen to 3.8570/8621 from 3.8550/8582 yesterday.
The local currency depreciated against the British pound to 5.5687/5772 from 5.5106/5163 and weakened vis-a-vis the euro to 4.8714/8786 from 4.8623/8671.
— Bernama
