Ringgit retreats to open easier ahead of US inflation readings

KUALA LUMPUR, May 14 -- The ringgit retreated to trade lower as the US dollar remained stable despite reports of higher inflation expectations going forward ahead of the release of key US data.

At 9 am, the ringgit eased versus the greenback to 4.7310/7350 from last Monday's close of 4.7270/7320.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the DXY hovered at around 105 points after the Federal Reserve Bank of New York survey showed consumer prices are expected to increase by 3.3 per cent next year after remaining at around 3.0 per cent for the past four months.

"On that note, data on inflation will be closely monitored by market participants, in particular in April Producer Price Index (PPI) report, which will be released tonight," he told Bernama.