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The Star
31 minutes ago
- The Star
Ringgit opens higher across major, regional currencies
KUALA LUMPUR: The ringgit opened higher on Thursday as the US dollar weakened following the release of the Federal Open Market Committee (FOMC) minutes, an analyst said. The local currency also strengthened against other major and regional units. At 8 am, the ringgit rose to 4.2190/2335 from Wednesday's close of 4.2250/2290. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the minutes showed the US Federal Reserve (Fed) was in a holding pattern as it assessed the impact of tariff shocks on the economy, particularly inflation. "The debate hinges on whether the impact will be transitory or persistent. "Michelle Bowman and Christopher Waller, the two FOMC members who dissented and favoured a 25 basis-point (bps) cut, strongly believed that the tariff-driven inflationary impact would be temporary,' he told Bernama. Mohd Afzanizam said the US Dollar Index (DXY) slipped 0.05 per cent to 98.218 as the minutes sent mixed signals to investors. He added that investors would now focus on Fed Chair Jerome Powell's speech at the Jackson Hole Symposium on Friday. "Perhaps there will be more clues as to how the Fed might decide at the September FOMC meeting. "In the meantime, we expect the ringgit to trade within a narrow range as traders remain cautious, although the odds of a 25 bps cut in September are high,' he said. Mohd Afzanizam said the ringgit was likely to hover around RM4.22 to RM4.23 against the US dollar during the day. At the opening, the ringgit was higher against a basket of major currencies. It gained against the euro to 4.9156/9325 from 4.9196/9242 on Wednesday, inched up against the Japanese yen to 2.8646/8747 from 2.8648/8677, and strengthened vis-à-vis the British pound to 5.6809/7004 from 5.7033/7087. The ringgit also advanced against other ASEAN currencies. It rose against the Singapore dollar to 3.2828/2943 from 3.2864/2898, strengthened versus the Thai baht to 12.9528/13.0037 from 12.9756/9935, edged up vis-à-vis the Indonesian rupiah to 259.2/260.2 from 259.6/260.0, and improved against the Philippine peso to 7.40/7.43 from 7.41/7.42 previously. - Bernama
Daily Express
31 minutes ago
- Daily Express
Merdeka sales set to drive automotive total industry volume growth
Published on: Thursday, August 21, 2025 Published on: Thu, Aug 21, 2025 By: Bernama Text Size: It expects Perodua to benefit the most, with a 44 per cent TIV market share, supported by the highest localisation rate, attractive new launches, rising household income, higher minimum wages from February 2025, and a stable labour market. - Pic for illustration only. Kuala Lumpur: Malaysia's automotive sector total industry volume (TIV) for August 2025 is expected to be stronger than July 2025, driven by aggressive Merdeka celebration sales. MBSB Investment Bank Bhd said sales momentum is also likely to remain strong this month, underpinned by improved stock availability. Advertisement 'Passenger vehicle TIV should see some support from new model launches in second half of 2025, while the recent overnight policy rate (OPR) reduction may help improve buying sentiment,' it said in a research note. Meanwhile, Kenanga Investment Bank Bhd said national marques stood their ground, reaping market share from the non-national marques, especially Perodua – backed by sustained demand in the affordable segment, attractive new launches and a downtrading trend among mid-market buyers. Within the non-national marques, Mazda was the most affected, due to slower new launches and intense competition from Chinese marques. 'For July 2025, Chery secured third place while BYD slipped to fourth, which we believe was due to the dilution of the electric vehicle (EV) market share as more EV brands entered the market,' it said. The bank projects Malaysia's TIV of 805,000 units for 2025, driven by the forward-buying interest following the deferment of new excise duty regulations to end-2025. It expects Perodua to benefit the most, with a 44 per cent TIV market share, supported by the highest localisation rate, attractive new launches, rising household income, higher minimum wages from February 2025, and a stable labour market. However, the bank noted that the premium segment may face headwinds, as target customers could delay new purchases, downtrade to smaller models, or switch to hybrids and EVs to reduce fuel cost after the introduction of fuel subsidy rationalisation. Concurrently, it said household budgets are set to come under pressure from higher fuel costs and an expected 14 per cent increase in base tariffs for the higher-end usage, which could prompt consumers who have installed solar panels to switch to EVs. The bank added that EV routine maintenance costs remain considerably lower than those of internal combustion engine vehicles, given the reduced number of moving parts and less wear and tear.
Barnama
an hour ago
- Barnama
Ringgit Opens Higher Across Major, Regional Currencies
WORLD By Karina Imran KUALA LUMPUR, Aug 21 (Bernama) -- The ringgit opened higher on Thursday as the US dollar weakened following the release of the Federal Open Market Committee (FOMC) minutes, an analyst said. The local currency also strengthened against other major and regional units. At 8 am, the ringgit rose to 4.2190/2335 from Wednesday's close of 4.2250/2290. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the minutes showed the US Federal Reserve (Fed) was in a holding pattern as it assessed the impact of tariff shocks on the economy, particularly inflation. 'The debate hinges on whether the impact will be transitory or persistent. 'Michelle Bowman and Christopher Waller, the two FOMC members who dissented and favoured a 25 basis-point (bps) cut, strongly believed that the tariff-driven inflationary impact would be temporary,' he told Bernama. Mohd Afzanizam said the US Dollar Index (DXY) slipped 0.05 per cent to 98.218 as the minutes sent mixed signals to investors. He added that investors would now focus on Fed Chair Jerome Powell's speech at the Jackson Hole Symposium on Friday.
