Ringgit to trade between 4.37 and RM4.38 from Monday (April 28) as markets focus on a series of key US data releases
KUALA LUMPUR (Bernama): The ringgit is expected to hover within a tight range of RM4.37 to RM4.38 from Monday (April 28), as markets focus on a series of key US data releases, said Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid.
He noted that the upcoming release of the US Conference Board Consumer Confidence Index for April is expected to show a decline to 88.5 points, down from 92.9 in March, with analysts forecasting the drop.
This will be followed by the Institute for Supply Management (ISM) Manufacturing Index, which is expected to fall further to 47.9 points in April.
Additionally, the US non-farm payroll and personal consumption expenditures inflation reports will also be closely watched, he added.
"It will be a data-heavy week, with markets looking for clues on whether the US Federal Reserve (Fed) may reduce the Fed Funds Rate in the near term.
"We remain positive on the ringgit, as prospects for US rate cuts are gaining momentum,' he told Bernama.
The ringgit ended the week at 4.3705/3770 against the US dollar, marking an improvement from 4.4100/4175 the previous week.
It also gained against the euro, strengthening to 4.9596/9670 from 5.0133/0218 last week, rose versus the Japanese yen to 3.0431/0481 from 3.0971/1028, and appreciated against the British pound to 5.8128/8214 from 5.8516/8616.
The ringgit traded mostly higher against ASEAN currencies, gaining against the Indonesian rupiah to 259.6/260.2 from 261.2/261.8, appreciating against the Singapore dollar to 3.3228/3280 from 3.3603/3667, and strengthening against the Thai baht to 13.0195/0450 from 13.1599/1902.
However, the local note traded almost flat against the Philippine peso, at 7.77/7.78 from 7.77/7.79 the previous Friday. - Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
9 minutes ago
- The Star
Women's business bootcamp opens for registration
GEORGE TOWN: More women entrepreneurs, including single mothers, are urged to register as participants in the Penang Women Entrepreneurs Mentoring Programme 2025 (PenMentor2025) with the registration deadline set for July 31. Penang social development, welfare and non-Muslim affairs committee chairman Lim Siew Khim said the programme, organised by the Penang Women Development Corporation (PWDC), aimed to help women gain business knowledge and expand their businesses. 'PenMentor is a programme that offers intensive training, mentoring and networking opportunities for women entrepreneurs. Since its inception in 2020, more than 350 participants have benefited from the programme. 'Last year, we recorded a 50% increase in average sales among participants who completed the programme, proving that the right guidance and support can deliver tangible results,' she said in a statement yesterday, Bernama reported. She said PenMentor, which is now in its sixth year, would also focus on enhancing digital literacy among women entrepreneurs to help them stay competitive in the rapidly changing economy. Meanwhile, PWDC chief executive officer Datuk Ong Bee Leng said PenMentor would run for three months from August to October this year, featuring a four-day Intensive Entrepreneurship Course and six mentoring sessions. 'The mentees will be divided into sub-groups consisting of eight mentees and two mentors, who will be selected from various industry backgrounds and with about five years of experience in their respective fields.' Ong said this year's PenMentor places greater emphasis on digital marketing, with the module conducted by Digital Penang. The topics covered will include platforms like TikTok Shop, Canva and Capcut. Among the eligibility criteria is that applicants must be Penangites and Malaysian citizens aged 18 and above. The registration fee is RM200 for the B40 group and RM400 for the M40 and T20 groups.
Free Malaysia Today
9 minutes ago
- Free Malaysia Today
Apec finance ministers to unveil new roadmap
Deputy finance minister Lim Hui Ying said both Apec and Asean play a critical role in providing platforms for coordinated and collective action among their members. (Bernama pic) KUALA LUMPUR : Asia-Pacific Economic Cooperation (Apec) finance ministers will unveil a new roadmap in October to replace the existing Cebu Action Plan, deputy finance minister Lim Hui Ying said today. The five-year plan identifies medium-term initiatives and deliverables aimed at achieving Apec's Putrajaya Vision of 'an open, dynamic, resilient, and peaceful Asia-Pacific community', she said. 'It is critical for Asean members to work together within Apec, to ensure that our common priorities in Southeast Asia are well-embedded in this new Asia Pacific roadmap and that initiatives in Asean and Apec are consistent with each other and mutually supportive,' she said at the Asean-BAC and Asia Pacific Financial Forum here. She said that both Apec and Asean play a critical role in providing platforms for coordinated and collective action among their members, as well as for enhanced government and regulatory engagement with the private sector. She added that new business models and rapid advances in technology could help redesign financing solutions to better serve micro, small and medium-sized enterprises and marginalised consumers. Lim said digital technologies like blockchain, artificial intelligence and quantum computing, as well as new products such as crypto and tokenised assets and digital currencies carried risks that were not yet fully understood. 'Enabling their safe and effective deployment would also require legal, policy and regulatory reforms, changes in industry practices and collaborative efforts to educate consumers, industry practitioners and regulators.' 'Private sector also to blame for Asean policy failures' Separately, Asean-BAC chair Nazir Razak said that while governments often faced scrutiny for policy shortcomings, private companies in the region were also responsible for failures to follow through on initiatives. 'As we contend with tech disruptions amid a backdrop of diminishing trust, the actions of state and regional actors are crucial. Poor execution and follow through will prove very costly.' He also lamented the slowdown in intra-Asean trade and investments and the ability of regional companies to attract investment into the region. However, he highlighted bright spots such as the expanding Asean QR code linkage as a critical milestone towards seamless payment connectivity. 'Digitalisation is the great enabler of financial inclusion but only if we ensure that it lifts all boats, not just the large or connected.'
The Star
an hour ago
- The Star
Grab records double-digit growth in mobility, delivery for April-May
KUALA LUMPUR: Grab Holdings Limited, Southeast Asia's leading superapp operating across the deliveries, mobility and digital financial services sectors, reported solid growth in key operating metrics for April and May 2025, with gains in both mobility rides and on-demand gross merchandise value (GMV) despite macroeconomic uncertainties. In a statement, the company said on-demand GMV for the two-month period rose 19 per cent year-on-year, in line with its earlier guidance shared during its first quarter earnings. Growth in mobility rides continued to outpace overall GMV, increasing by 23 per cent from the same period in 2024, underscoring continued momentum in user acquisition and engagement. Deliveries GMV for the same period grew by 20 per cent year-on-year, with Grab attributing the performance to its focus on product innovation and affordability initiatives aimed at driving higher frequency and customer retention. Its Indonesian operations stood out, registering consistent sequential gains in both metrics during the period as the company executed on its focus of driving affordability and expansion in the country to benefit driver-partners, merchant-partners and customers. Grab plans to reveal additional performance details during its upcoming second quarter earnings call, which it will announce in due course. - Bernama
