- Malaysia Ringgit (MYR) rises for a second day
- The South Korean Won stabilises
- US Dollar (USD) falls against major peers
- US jobs data was weaker than expected
The US dollar-Malaysian ringgit (USD/MYR) exchange rate is falling for a second straight day. The pair fell 0.38% in the previous session, settling on Wednesday at 4.4500. At 19:00 UTC, USD/MYR trades -0.56% at 4.4275 and is in a range of 4.4130 to 4.4525
The Malaysian Ringgit led Asian currencies higher on Thursday, along with the Indonesian Rupiah, as the South Korean won stabilized following the short-lived martial law earlier in the week. The won had fallen to a 2-yeaar low after President Yoon Suk Yeol’s failed attempt to impose martial law.
The Malaysian Ringgit is rising for a second straight day, reaching its highest level since November 12. The gains come amid a weaker USD and expectations that the Bank Negara will maintain a steady monetary policy over the coming year.
The US Dollar is rising across the board. The US Dollar Index, which measures the greenback versus a basket of major currencies, trades at 100.49 at the time of writing, up 0.07% after four straight weeks of losses.
The USD is falling against its peers for a third straight day as investors digest the latest jobs data and look ahead to tomorrow’s non-farm payroll report.
US jobless claims rose to a 6-week high, at 224k, up from 215k in the previous week, and reversing a recent slide. Meanwhile, the November Challenger Job Cuts reports also showed an increase in layoffs to 57,727, up from October’s 55,597.
The data comes ahead of tomorrow’s non-farm payroll, which is expected to show that 200k jobs were added in November after just 12k were added in October owing to strikes and hurricanes.
Yesterday, Federal Reserve Chair Jerome Powell noted the US economy was stronger than expected and signaled to a slow pace of rate cuts. However, he didn’t shy away from a December cut. The market is pricing in a 70% of a 25 basis point cut in December.
