Malaysian Ringgit Drops as US Jobs Growth Fuels Rate Hike Speculations

The Malaysian ringgit fell today, touching the lowest level since September 2009 against the US dollar, as the huge increase of US employment fueled speculations that the Federal Reserve will increase interest rates in the near future.
The last week’s employment report from the United States reinvigorated talks about rate hike from the Fed, boosting the dollar. Meanwhile, the drop of prices for Brent crude oil hurt trading revenue for Malaysia, oil exporter. These factors make the ringgit not particularly attractive for traders.
USD/MYR rose from 3.4805 to 3.4955 as of 16:01 GMT today while its daily high was at 3.5080.

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