The ringgit opened mixed against regional peers and mostly firmer against major currencies on Tuesday, but it slipped against the US dollar at 8 am as the greenback stayed on the front foot.

At 8 am, the local note eased to 3.9755/9855 versus the US dollar from Tuesday’s close of 3.9745/9785. The move came even as the US Dollar Index rose 0.14 per cent to 99.327 points and the weekly ADP employment change climbed to 42,250 from 33,000 previously. Mohd Afzanizam Abdul Rashid said the US dollar was likely to remain well supported because of the ongoing stalemate in the US-Iran negotiations and worries over higher global inflation.

That pressure on the dollar did not stop the ringgit from doing better against several major currencies. It appreciated to 5.3248/3382 against the British pound from 5.3282/3336 at Tuesday’s close, strengthened to 4.6140/6256 against the euro from 4.6180/6226, and firmed to 2.4995/5060 against the Japanese yen from 2.4980/5006.

Against regional peers, the ringgit also gained ground in several pairs. It rose to 12.1541/1918 versus the Thai baht from 12.1719/1898 and to 3.1003/1083 against the Singapore dollar from 3.1022/1055. It weakened slightly to 224.5/225.2 against the Indonesian rupiah from 224.4/224.8 and depreciated to 6.44/6.46 against the Philippine peso from 6.43/6.45.

The pattern points to a market that is still looking for direction. Mohd Afzanizam told Bernama that the ringgit’s sideways trend was expected to persist today, and the latest dollar data suggest why: stronger-than-expected US labor figures are keeping the greenback supported even as the ringgit finds pockets of strength against other currencies.