Ringgit rises vs greenback on stronger odds of US rate cut
At 8 am, the local note rose to 4.2205/2405 against the greenback from Thursday's close of 4.2340/2385.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said US initial jobless claims increased more than expected to 226,000 last week, above market forecasts of 221,000.
He said the increase marked a second consecutive weekly rise, supporting views that signs of labour market weakness are emerging, even though Federal Open Market Committee members believe more data is needed before their September meeting.
'Notwithstanding that, the US Dollar Index fell 0.09 per cent to 98,084 points as the odds of a September rate cut are rising,' he told Bernama.
On the domestic front, Mohd Afzanizam said the ringgit could remain supported after coming under selling pressure in yesterday's afternoon session.
'Expect the ringgit against the US dollar to hover around RM4.22 to RM4.23 today,' he added.
The ringgit was mostly lower against a basket of major and regional currencies in early trade.
It eased against the Japanese yen to 2.8750/8888 from 2.8732/8765 on Thursday and weakened against the British pound to 5.6770/7039 from 5.6596/6656. It, however, strengthened against the euro to 4.9283/9516 from 4.9411/9463.
Against regional peers, the local unit was firmer.
It edged up against the Singapore dollar to 3.2906/3064 from 3.2973/3013 and appreciated vis-à-vis the Thai baht to 13.0653/1346 from 13.0954/1146.
The ringgit also gained against the Philippine peso to 7.39/7.44 from 7.42/7.44 and firmed versus the Indonesian rupiah to 259.1/260.4 from 259.9/260.3. - Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
32 minutes ago
- The Star
KL set to host global heavyweights
CYBERJAYA: Four prominent world leaders are expected to attend the 47th Asean Summit scheduled to take place in Kuala Lumpur this October, says Datuk Seri Anwar Ibrahim. According to the Prime Minister, it will be a veritable assembly of the world's principal centres of power and influence. 'We look forward to welcoming the heads of governments of Asean and our dialogue partners, including United States President Donald Trump and, I believe, President Xi Jinping of China. 'In addition, we received positive indications on the attendance of Brazilian President Luiz Inacio Lula da Silva and South African President Cyril Ramaphosa, who currently hold the BRICS and G20 presidencies, respectively,' Anwar said in his speech at the 58th Asean Day celebration at the Cyber Event Hall here yesterday. 'But securing their presence is only the first step. 'The greater test is to ensure that they leave Malaysia and Asean feeling their time was well spent. We must ensure that their visit yields results of lasting value. 'The eyes of the world will be upon us, and we must therefore rise to the occasion,' he said. Anwar also stressed that peace between nations and within Asean is the foundation of a shared regional community. He said that such matters should not be taken for granted, noting that the recent conflict along the Cambodian and Thai border served as a reminder to all parties of how quickly tensions can escalate if left unresolved. 'As Chair (of Asean), Malaysia was constructive in facilitating talks between the two countries. 'I would like to acknowledge the support mandate from my friends, including His Majesty the Sultan of Brunei and the presidents and prime ministers in Asean who have consistently provided their full support and endorsement; this is indeed a remarkable achievement,' he said. 'Once more, I believe this is unprecedented; it is a remarkable feat that clearly demonstrates the strength, commitment, and resolve of Asean leaders.' Also present at the event were Foreign Minister Datuk Seri Mohamad Hasan and Tourism, Arts and Culture Minister Datuk Seri Tiong King Sing. Themed 'Towards an Inclusive and Sustainable Asean Future', the celebration reflects Malaysia's chairmanship priorities, gathering over 700 participants from across the Asean community, including government officials, diplomats, business leaders, scholars and youth. Anwar also said that he had shared the same message of solidarity when he spoke to the Cambodian and Thai prime ministers. 'Every time I speak to the Prime Minister of Thailand or the Prime Minister of Cambodia, I always tell them, 'Look, I have this mandate and the support of all my Asean colleagues.' 'Therefore, that gives an added strength to what I have to say. Hence, the Prime Ministers must take my statements into serious consideration. 'That's why I think the credit goes to Asean as a body, as an association, and I think if the truce is a good beginning, it augurs well for the future of Asean in terms of attaining geopolitical strategy,' he said. Separately, Anwar said that Asean's next challenge pertains to Myanmar, where they are making progress, particularly in securing a ceasefire. 'Our Foreign Minister, together with the foreign ministers of Thailand, Indonesia and the Philippines, as I was made to understand, will be visiting Myanmar soon to impress upon them to stay on course, starting with an end to violence and the cessation of hostilities,' he said. Anwar said this goal will be pursued with dialogue among the stakeholders and players within Myanmar. 'Asean will undoubtedly take all necessary steps to support this process,' he added. During a press conference, Mohamad announced that he, along with his counterparts from Thailand, the Philippines and Indonesia, would visit Myanmar on Sept 19. The purpose of this visit is to gain a clearer understanding of the new administration following the country's end of the state of emergency. 'I want to discuss if their elections will be comprehensive,' said Mohamad.
The Star
an hour ago
- The Star
Warships visit NZ capital to deepen ties
Anchors away: Two Japanese naval vessels tied up in the port of Wellington, New Zealand, as part of a three-day ceremonial visit. — AP Japanese warships docked in New Zealand's capital for the first time in almost 90 years amid efforts by Tokyo to deepen its strategic ties in the South Pacific Ocean. Two destroyers with more than 500 crew on board sailed into Wellington harbour accompanied by the New Zealand navy ship HMNZS Canterbury. The JS Ise and JS Suzunami were on an Indo-Pacific deployment and arrived from Sydney, where Japan's military took part this month in war games involving New Zealand, Australia and other countries. The Wellington visit was a ceremonial one, but it came as Japan, whose only treaty ally is the United States, has increasingly sought to deepen bilateral military cooperation amid ongoing regional tensions. 'Our defence force are developing cooperative work, not only with New Zealand and Australia but also many Pacific Island countries,' Japan's envoy to Wellington, Makoto Osawa, told reporters yesterday. The ambassador's remarks followed the announcement on Tuesday by Australia's government that Japanese firm Mitsubishi Heavy Industries had won the bid for a contract to build Australian warships, beating out a German firm. While officials in Canberra said the Japanese proposal was the best and cheapest, they also hailed it as the biggest defence industry agreement between the countries. New Zealand too has sought to shore up its strategic and military relations in Asia as part of a foreign policy reset in recent years. Officials in Wellington announced in July that work had started on a defence logistics agreement with Japan, intended to make it easier for the countries' militaries to work together. Japan naval vessels do not often make visits so far south, but the rich and strategically important waters of New Zealand, Australia and smaller Pacific Island countries are increasingly contested by the world's major powers. The last port visit to Wellington by a Japanese naval vessel was in 1936, New Zealand's military said. A Japanese ship visited Auckland in 2016. — AP
The Star
4 hours ago
- The Star
Indonesia accelerates construction of 1st bioethanol factory in South Papua
JAKARTA, Aug. 8 (Xinhua) -- Indonesian Deputy Minister of Energy and Mineral Resources Yuliot Tanjung said Friday that the country was building its first bioethanol factory in Merauke, South Papua province, as part of its efforts to develop alternative energy and reduce dependence on fossil fuels. Bioethanol is an ethanol-based liquid fuel made from plant-derived raw materials. Indonesia has allocated 2 million hectares of land in Merauke for sugarcane plantations, which will serve as primary raw material for bioethanol. "We hope that in 2027 we will be producing bioethanol in Merauke, South Papua," Yuliot said. The factory will have three units, with each producing 300,000 kiloliters per year.
