The ringgit continued to strengthen against the US dollar on Wednesday, as the US economy was seen as fragile amid the Trump administration's continued push for disruptive trade policies.
At 10am, the ringgit was at 4.2400, unchanged against the US dollar since it opened early Wednesday.
Bank Muamalat Malaysia Bhd's Chief Economist, Dr Mohd Afzanizam Abdul Rashid said the ringgit was expected to remain strong as the US economy was still seen as fragile, according to survey data such as the US Institute for Supply Management (ISM) Index and Consumer Sentiment Index.
In addition, Mohd Sedek, Head of Investment Research at UOB Kay Hian Wealth Advisors Sdn Bhd, said improving US labour data supported the US dollar with job openings rising to 7.4 million in April, exceeding the forecast of 7.1 million.
Wage growth also continued to outpace inflation on average, which should support consumer spending and broader economic momentum.
Meanwhile, the ringgit was trading higher against a basket of major currencies.
It rose against the Japanese yen to 2.9456/9646 from Tuesday's close of 2.9695/9739, rose against the euro to 4.8234/8541 from 4.8415/8484, and rose against the British pound to 5.7331/7696 from 5.7337/7418 previously.
Against its Asean peers, the ringgit rose against the Singapore dollar to 3.2868/3082 from 3.2967/3016 at Tuesday's close and rose against the Thai baht to 12.9786/13.0777 from 13.0334/0603 previously.
It was slightly higher against the Indonesian rupiah, at 259.7/261.5, compared to 260.1/260.6 at yesterday's close, and rose against the Philippine peso to 7.60/7.66 from 7.61/7.63 previously.
