KUALA LUMPUR: The ringgit has opened the week on a positive note, supported by a broadly weaker US dollar, higher oil prices and an enduring global economic recovery despite the"swing and a miss" on Friday's US jobs report, said an analyst.
SPI Asset Management global managing partner Stephen Innes said a sharply below-consensus read in April's US non-farm payrolls prompted a sell-off in the US dollar across the board on Friday as it likely relieved some pressure from the US Federal Reserve to shift to less dovish rhetoric. At the same time, he said the data miss was not enough to negatively impact the underlying recovery story, leaving the global risk sentiment supported, as equities can also continue to benefit from the lower-for-longer story.
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