KUALA LUMPUR, Oct 2 — The ringgit ended unchanged against the US dollar today as the greenback regained strength against major currencies after yesterday’s fall.

At 6pm, the local note was unchanged from yesterday’s close of 4.1930/1960.

Axi Trader Asia-Pacific market strategist Stephen Innes said the ringgit continued to trade smack in the middle of an expected weekly range glued to the 4.19 level.

In addition, he said with China enjoying a week-long holiday, Asean currency traders stayed on the sidelines.

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He said the strength seen earlier in the Asean market faded due to the Institute for Supply Management’s (ISM) manufacturing purchasing managers’ index (PMI) in September showing the lowest reading for the United States in a decade.

The markets are in the process of pricing in an anticipated October Federal Reserve (Fed) rate cut, Innes said.

“While we may get some signals from the slew of Fed speakers, including Chair Jerome Powell on Friday, this week’s non-farm payroll report has taken on even more significance in my view in the wake of the dreadful ISM data.

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“Not so much from a Fed policy perspective but from a tail risk perspective. If the headline number leaks significantly lower than expectations, equity markets could sell large as recessionary fears take hold,” he added.

The US manufacturing PMI declined 1.3 percentage points to 47.8 per cent last month from the August reading of 49.1 per cent.

Overall, the ringgit was traded mostly lower against other major currencies.

It dropped against the Singapore dollar to 3.0248/0274 from 3.0242/0272 at the close yesterday and fell against the yen to 3.8950/8982 from 3.8695/8733.

The local currency also declined against the euro to 4.5775/5825 from 4.5670/5715 but increased against the British pound to 5.1335/1388 from 5.1507/1560 previously. — Bernama