The ringgit started trading today flat against the US dollar as investors continued to await fresh catalysts ahead of the release of PCE inflation data, the Fed's inflation gauge.
At 10am, the ringgit was at 4.2280, up 0.09% against the US dollar since it opened early Thursday in the Asian session.
Bank Muamalat Malaysia Bhd Chief Economist Mohd Afzanizam Abdul Rashid said the ringgit was expected to move in the 4.22 to 4.24 range today, driven by possible profit-taking as traders worried about the US consumer spending data to be announced tomorrow.
He added that Richmond Fed Tom Barkin shared expectations for a modest interest rate adjustment in the upcoming meeting.
In addition, the early trading session also saw the ringgit traded lower against other major currency groups.
It moved lower against the euro to 4.9312/9347 from 4.9058/9093 on Wednesday, down against the Japanese yen to 2.8737/8759 from 2.8591/8611 and lower against the British pound to 5.7169/7210 from 5.6890/6930.
The local unit was also mostly traded lower against other ASEAN currencies, including falling against the Singapore dollar to 3.2940/2966 from 3.2843/2869 yesterday and lower against the Thai baht to 13.0631/0784 from 13.0330/0474.
The ringgit was unchanged against the Philippine peso and Indonesian rupiah at 7.40/7.41 and 258.6/258.9 respectively.
