Ringgit up against US dollar, major currencies ahead 2Q GDP announcement
He said traders are now eyeing Malaysia's GDP print for monetary policy clues, but with markets heavily focused on trade talks, it may need to significantly exceed expectations to boost ringgit bulls.
At 8 am, the local note appreciated to 4.2270/2460 versus the greenback, compared with Monday's close of 4.2320/2360.
Meanwhile, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit is expected to trade within a range of RM4.23 to RM4.25 against the US dollar today.
He said the US Dollar Index (DXY) climbed 0.35 per cent to 98.52 points ahead of the US consumer price index (CPI) report tonight. Consensus estimates have pegged the headline and core CPI at a much higher rate of 2.8 per cent and 3.0 per cent, respectively, in July, up from 2.7 per cent and 2.9 per cent in June.
"Against such a backdrop, the US Federal Reserve (Fed) is seen to be keeping steady in the upcoming meeting in September,' he told Bernama.
Mohd Afzanizam noted that the Reserve Bank of Australia will announce its interest rate decision today, with consensus expecting a 25 basis points cut to 3.60 per cent.
At the opening, the ringgit ended firmer against major currencies.
It edged up against the yen to 2.8528/8658 from 2.8657/8686 at the close on Monday, improved against the euro to 4.9097/9317 from 4.9269/9316 and rose versus the British pound to 5.6777/7032 from 5.6933/6987.
The ringgit also trended higher against regional peers.
It strengthened against the Singapore dollar to 3.2841/2999 from 3.2936/2973 and rose against the Thai baht to 13.0198/0884 from 13.0569/0769.
The local currency inched up to 259.6/260.9 against the Indonesian rupiah from 259.9/260.3 previously, and gained against the Philippine peso to 7.41/7.44 from 7.42/7.43. - Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Barnama
an hour ago
- Barnama
Basic Metals, Non-metallic Minerals And Wood Products Drive Foreign Investments In Sabah
KUALA LUMPUR, Aug 12 (Bernama) -- The three main industries in Sabah that recorded the highest foreign investments over the past decade (2015 to 2024) in the manufacturing sector were basic metal products, non-metallic mineral products, and wood products, according to the Ministry of Investment, Trade and Industry (MITI). For the state's services sector, the hotel and tourism sub-sectors, along with support services, were the main contributors. 'In terms of value, basic metal products recorded RM4.3 billion, followed by non-metallic mineral products at RM2.5 billion, and wood products at RM99.1 million. The hotel and tourism sector recorded RM205 million, and support services amounted to RM37.9 million,' the ministry said in a written reply published on the Dewan Rakyat portal today. The ministry was responding to a question from Datuk Jonathan Yasin (GRS-Ranau), who asked about the total foreign investment made in Sabah over the past 10 years and at present.
Barnama
an hour ago
- Barnama
Dr Zaliha: Malaysia Promotes CHASE City Vision For Sustainable ASEANUrban Development
GENERAL KUALA LUMPUR, Aug 12 (Bernama) -- Malaysia today called on ASEAN nations to adopt an integrated urban planning approach, which balances environmental stewardship, social well-being, and economic competitiveness through the CHASE City framework. Minister in the Prime Minister's Department (Federal Territories) Datuk Seri Dr Zaliha Mustafa said that the framework, introduced in the Federal Territories, envisions cities that are Clean, Healthy, Advanced, Safe and Eco-friendly, offering a flexible model adaptable to the diverse realities of ASEAN cities. 'It is within this context of interconnected challenges that Malaysia has sought to define a guiding vision, one that is practical in implementation, yet adaptable to diverse circumstances across ASEAN. 'This is not a collection of separate agendas, but an integrated philosophy that guides urban policy, design and governance, in a holistic way,' she said. She said this in her speech at the ASEAN Sustainable Urbanisation Forum (ASUF), ASEAN Governors and Mayors Forum (AGMF) and the Meeting of Governors and Mayors of ASEAN Capitals (MGMAC) 2025, at the Kuala Lumpur Convention Centre (KLCC), here, today. Dr Zaliha said that the CHASE City framework aligns with ASEAN's urban priorities, as it enables collaboration between government, business, academia and civil society, to create sustainable, liveable cities. She cited the Kota MADANI development in Putrajaya as a tangible manifestation of the framework, incorporating low-carbon solutions, AI-driven smart technologies, active and safe mobility, green networks and community facilities. The minister also highlighted Malaysia's membership in the Davos Baukultur Alliance, making it the first country outside Europe to join the global coalition. 'This membership reflects our belief that cities are more than functional spaces. They are cultural and social ecosystems whose physical form should strengthen identity, foster inclusion and inspire pride among residents,' she said.
Daily Express
2 hours ago
- Daily Express
Nippon Paint tycoon and Singapore's wealthiest man Goh Cheng Liang passes at 98
Published on: Tuesday, August 12, 2025 Published on: Tue, Aug 12, 2025 By: Malay Mail Text Size: Goh Cheng Liang, who held a majority stake in Japan's Nippon Paint Holdings, had an estimated net worth of US$13 billion, according to Forbes. SINGAPORE: Goh Cheng Liang, founder of Wuthelam Group and Singapore's richest person, died today at the age of 98, his family said, according to a report published in The Straits Times today. According to Forbes' 2025 ranking of the world's billionaires, Goh topped the list for Singapore with an estimated net worth of US$13 billion (RM55 billion). Advertisement He held a majority stake in Japan's Nippon Paint Holdings, which he helped build into a global coatings powerhouse. Born in 1927, he grew up in a rented shophouse room in River Valley and was sent to Johor during World War II, where he helped sell fishing nets. In 1949, he bought surplus paint from a British army auction and began making his own Pigeon Brand paints using a Chinese dictionary to decipher chemical names. His business boomed during the Korean War when imports were restricted. He later became Nippon Paint's distributor in Singapore and founded Wuthelam Holdings in 1974, building it into a multinational company with nearly 60 per cent of Nippon Paint. Goh's other ventures included developing and later selling the former Liang Court mall and Mount Elizabeth Hospital. Known for avoiding publicity, he told The Business Times in 1997 that he preferred private companies to public ones. Through the Goh Foundation, he funded cancer research, treatment facilities and scholarships, and supported welfare agencies in Singapore as well as roads, schools and sanitation systems in Chaozhou, China. A cancer survivor himself, he also backed the Goh Cheng Liang Proton Therapy Centre at the National Cancer Centre Singapore. He is survived by three children, eight grandchildren and a great-grandchild. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
