Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the DXY fell to 105.221 points, which led to the weaker greenback.
He also said the market players would focus on the US inflation data with the Producer Price Index and the Consumer Price Index reports coming out on Tuesday and Wednesday.
“At the current juncture, it is still a mixed feeling as the data points to a weaker prospect with consumer sentiments falling in May,” he said.
Afzanizam added that the University of Michigan’s survey of consumer sentiment index dropped for the second consecutive month to 67.4 points from 77.2 points in the prior month.
“However, the inflation expectation for next year has risen to 3.5% in May from 3.2% previously.
“As such, the inflation data in the US will be closely scrutinised this week,” he told Bernama.
At 6pm, the ringgit gained some ground versus the greenback to 4.7270/4.7320 from last Friday’s close of 4.7385/4.7410.
At the close, the ringgit traded higher against a basket of major currencies.
It appreciated versus the Japanese yen to 3.0325/3.0359 from last Friday’s close of 3.0428/3.0446, improved vis-a-vis the British pound to 5.9215/5.9278 from 5.9364/5.9395 on Friday, and gained against the euro to 5.0967/5.1020 from 5.1072/5.1098 previously.
The local currency also rose against Asean currencies.
The ringgit appreciated against the Singapore dollar to 3.4919/3.4959 from 3.5017/3.5038 at last Friday’s close and gained against the Thai baht to 12.8388/12.8583 from 12.9009/12.9137 previously.
The local currency also improved vis-a-vis the Indonesian rupiah to 293.9/294.4 from 295.2/295.6 last Friday and was firmer against the Philippine peso at 8.17/8.18 compared with 8.25/8.26 previously. - FMT
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