Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said bond markets continued to rally against a backdrop of softening labour market indicators.

He noted that the 10-year US Treasury yield was lower by six basis points to 4.10% while the 10-year UK gilt was down by eight basis points to 3.94%.

It looks like fund managers are bullish on the bond markets on the expectation of weaker global growth in 2024, and shifted their money to the bonds of major economies, he added.

“Hence, as the US Dollar Index continues to remain positive, the ringgit is expected to range around RM4.66 to RM4.68 today,” he told Bernama.

The ringgit was traded mostly higher versus a basket of major currencies.

At 9.06am, the ringgit stood at 4.6705/4.6750 versus the greenback compared with yesterday’s close of 4.6665/4.6700.

It appreciated further vis-a-vis the euro to 5.0301/5.0350 from 5.0356/5.0394 at yesterday’s close, was higher against the British pound at 5.8666/5.8723 from 5.8793/5.8837 but fell against the Japanese yen to 3.1757/3.1790 from 3.1672/3.1700 previously.

Meanwhile, the local note traded mixed against other Asean currencies.

It rose versus the Philippine peso to 8.43/8.44 from 8.44/8.45 yesterday and was higher against the Thai baht at 13.2700/13.2903 from 13.2714/13.2908.

The local note was traded flat against the Indonesian rupiah at 301.4/301.8 from 301.1/301.5 and weakened slightly versus the Singapore dollar to 3.4810/3.4849 from 3.4801/3.4830 yesterday.