Ringgit dips slightly against dollar after mixed Fed signals
At 8am, the local note eased to 4.2440/4.2640 against the greenback from Thursday's close of 4.2410/4.2505.
The US DXY edged up by 0.10%t to 97.652 points overnight, reflecting mild gains in the greenback.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the Fed's policy direction remained uncertain, as officials delivered mixed signals.
'St Louis Fed president Alberto Musalem advocated waiting before cutting rates, while San Francisco Fed president Mary Daly favours two rate cuts this year,' he noted.
He added that initial jobless claims came in lower than expected at 227,000 last week, signalling continued strength in the US labour market.
'Meanwhile, the four- and eight-week US Treasury bills saw strong demand from investors, resulting in lower yields,' he said.
On the domestic front, Afzanizam noted that the ringgit appreciated by 0.15% to RM4.2458 yesterday, indicating a positive market response to Bank Negara Malaysia's recent 25-basis-point cut in the Overnight Policy Rate (OPR).
'On that note, the ringgit is likely to maintain a steady course today, hovering around RM4.23 to RM4.24,' he added.
At the open, the ringgit was mostly higher against a basket of major currencies, except the Japanese yen.
It strengthened against the British pound to 5.7629/5.7901 from 5.7716/5.7845, and rose versus the euro to 4.9663/4.9897 from 4.9751/4.9863.
However, it slipped slightly against the Japanese yen to 2.9015/2.9154 from 2.9014/2.9081.
The local note trended mixed against Asean currencies.
It gained against the Thai baht to 13.0144/13.0834 from 13.0196/13.0548 at yesterday's close, and was almost flat versus the Philippine peso at 7.51/7.55 from 7.51/7.53.
However, it traded marginally lower vis-à-vis the Singapore dollar at 3.3174/3.3333 from 3.3159/3.3236, and slipped slightly against the Indonesian rupiah to 261.5/262.9 from 261.3/262.1 previously.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Free Malaysia Today
2 hours ago
- Free Malaysia Today
Bursa fines 7 Zetrix AI directors RM150,000 each for announcement breach
MyEG Services Bhd announced its name change to Zetrix AI Bhd, also changing its stock short name from MYEG to Zetrix, on June 30. (MyEG pic) PETALING JAYA : Bursa Malaysia Securities Bhd has fined seven directors of Zetrix AI Bhd – formerly known as MyEG Services Bhd – RM150,000 each for failing to ensure three company announcements in 2023 were factual and accurate. Bursa said Zetrix AI and its directors had been publicly reprimanded for breach of the Main Market Listing Requirements. It said Zetrix had on July 7, 2023 announced, among others, that a notification letter dated July 4, 2023 from the home ministry confirmed the finance ministry's approval of the company's appointment as the government revenue collection agent and extended its role as the provider of online services for the immigration department. 'However, the July 7 announcement was inaccurate, false and misleading as the contents of the July 4 letter were inconsistent with the company's representations in the July 7 announcement,' it said in a statement. Bursa named the seven directors as Wong Thean Soon, Norraesah Mohamad, Jimmy Wong Abdullah, Wong Kok Chau, Mokhtar Shariff, Jeffrey Joakim and Mohaini Yusof. It said Zetrix AI and the directors had also failed to make an immediate announcement to clarify the inconsistency, but maintained its misrepresentation of matters in the company's subsequent announcements on Sept 13 and Sept 14 that year. '(This occurred despite) market concerns as reported by New Straits Times on Sept 12, 2023 in an article titled 'MyEG illegally renewing workers' permits', and by The Edge titled 'MyEG said to be charging fees for foreign worker permits despite contract suspension'. 'There were no reasonable justifications for the failure of the company and directors to ensure the announcements were factual and accurate, and comply with the directive. 'They had represented, among others, that the announcements were accurate and justified based on the past contract renewals and historical precedent in relation to the extension. 'In any event, it was evident that from May 23, 2023 to Jan 31, 2024, there was no evidence of any approval from the home or finance ministries for the company to be appointed as the collection agent for the government revenue and the extension,' it said. On June 30, the concessionaire for the Malaysia electronic-government MSC flagship application announced its name change to Zetrix AI, also changing its stock short name from MYEG to Zetrix.
Free Malaysia Today
4 hours ago
- Free Malaysia Today
Ringgit rises as US plans new tariffs on major partners
KUALA LUMPUR : The ringgit opened higher against the US dollar on Monday, lifted by concerns over Washington's plan to impose tariffs on three major trading partners from Aug 1, 2025. Over the weekend, US President Donald Trump announced plans to impose a 30% tariff on goods from the European Union and Mexico, and a 35% tariff on Canadian products. At 8am, the ringgit strengthened to 4.2405/4.2635 against the greenback, compared with Friday's close of 4.2475/4.2525. Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the US had weaponised tariffs to gain economic advantage. 'Clearly, the tariff policy instrument has been weaponised by the US to address economic imbalances. 'This means downside risks to global growth remain elevated, while the risk of higher inflation especially in the US, is becoming more apparent, complicating the Federal Reserve's decision-making on rate cuts,' he noted. Afzanizam added that the ringgit is expected to remain within a narrow range of RM4.24 to RM4.25 amid ongoing global uncertainties. At the open, the ringgit was higher against a basket of major currencies. It advanced against the Japanese yen to 2.8792/2.8950 from 2.8893/2.8929, strengthened against the British pound to 5.7234/5.7544 from 5.7524/5.7592, and gained versus the euro to 4.9546/4.9815 from 4.9679/4.9737 previously. The local note was also firmer against most Asean currencies, except the Thai baht. It rose vis-a-vis the Singapore dollar to 3.3119/3.3303 from 3.3186/3.3228, edged up against the Indonesian rupiah to 261.4/263.0 from 261.8/262.3, and appreciated versus the Philippine peso to 7.51/7.55 from 7.52/7.53. However, it slipped against the Thai baht to 13.0916/13.1711 from 13.0668/13.0886 at Friday's close.
Free Malaysia Today
4 hours ago
- Free Malaysia Today
Ringgit dips slightly against dollar after mixed Fed signals
KUALA LUMPUR : The ringgit opened slightly lower against the US dollar on Friday, supported by a slightly firmer US Dollar Index (DXY) and mixed signals from the US Federal Reserve (US Fed). At 8am, the local note eased to 4.2440/4.2640 against the greenback from Thursday's close of 4.2410/4.2505. The US DXY edged up by 0.10%t to 97.652 points overnight, reflecting mild gains in the greenback. Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the Fed's policy direction remained uncertain, as officials delivered mixed signals. 'St Louis Fed president Alberto Musalem advocated waiting before cutting rates, while San Francisco Fed president Mary Daly favours two rate cuts this year,' he noted. He added that initial jobless claims came in lower than expected at 227,000 last week, signalling continued strength in the US labour market. 'Meanwhile, the four- and eight-week US Treasury bills saw strong demand from investors, resulting in lower yields,' he said. On the domestic front, Afzanizam noted that the ringgit appreciated by 0.15% to RM4.2458 yesterday, indicating a positive market response to Bank Negara Malaysia's recent 25-basis-point cut in the Overnight Policy Rate (OPR). 'On that note, the ringgit is likely to maintain a steady course today, hovering around RM4.23 to RM4.24,' he added. At the open, the ringgit was mostly higher against a basket of major currencies, except the Japanese yen. It strengthened against the British pound to 5.7629/5.7901 from 5.7716/5.7845, and rose versus the euro to 4.9663/4.9897 from 4.9751/4.9863. However, it slipped slightly against the Japanese yen to 2.9015/2.9154 from 2.9014/2.9081. The local note trended mixed against Asean currencies. It gained against the Thai baht to 13.0144/13.0834 from 13.0196/13.0548 at yesterday's close, and was almost flat versus the Philippine peso at 7.51/7.55 from 7.51/7.53. However, it traded marginally lower vis-à-vis the Singapore dollar at 3.3174/3.3333 from 3.3159/3.3236, and slipped slightly against the Indonesian rupiah to 261.5/262.9 from 261.3/262.1 previously.
