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Daily Express
2 days ago
- Business
- Daily Express
Ringgit opens higher against greenback as US-China trade talks resume
Published on: Wednesday, June 11, 2025 Published on: Wed, Jun 11, 2025 By: Bernama Text Size: At 8 am, the local note rose to 4.2290/2380 versus the greenback from Tuesday's close of 4.2360/2420. Kuala Lumpur: The ringgit opened higher against the US dollar on Wednesday, as the market resumed its observation on further trade negotiations between the United States (US) and China in London, an analyst said. At 8 am, the local note rose to 4.2290/2380 versus the greenback from Tuesday's close of 4.2360/2420. Advertisement Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US dollar index (DXY) see-sawed between 98.962 and 99.358 last night as traders and investors continued to monitor the US-China trade talks. 'US secretary of commerce Howard Lutnick described the discussion as running well, suggesting the two nations could potentially arrive at a midway (point) in their negotiations,' he told Bernama. Meanwhile, Mohd Afzanizam said the debate on US President Donald Trump's 'Big, Beautiful Bill' is still ongoing among the US Senate, as some Republicans are pushing for the phasing out of the clean-energy tax credit on the grounds of protecting investors and jobs from major disruptions. He said the US fiscal position would be in the spotlight as fiscal deficits and government debt are expected to climb. 'While market sentiments demonstrated a positive sign, it is still an early day. On that note, we expect the ringgit-dollar exchange to remain range-bound between 4.23 and 4.24 today,' he said At the opening, the ringgit traded mostly higher against a basket of major currencies. It rose against the Japanese yen to 2.9200/9264 from Tuesday's close of 2.9270/9314, and strengthened versus the British pound to 5.7121/7243 from 5.7152/7233, but marginally lower vis-a-vis the euro to 4.8367/8470 from 4.8354/8422 yesterday. The local currency traded higher against its ASEAN peers. It gained versus the Singapore dollar to 3.2885/2957 from 3.2932/2981 at Tuesday's close and improved against the Thai baht to 12.9664/13.0040 from 12.9712/9955. The ringgit was slightly higher vis-a-vis the Philippine peso at 7.57/7.59 from 7.58/7.60 yesterday and inched up against the Indonesian rupiah to 259.8/260.5 from 260.2/260.7 previously. * 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
Daily Express
06-06-2025
- Business
- Daily Express
Ringgit advances vs US dollar amid weak US data and tariff concerns
Published on: Friday, June 06, 2025 Published on: Fri, Jun 06, 2025 By: Bernama Text Size: At 8 am, the local note improved to 4.2140/2335 against the greenback from Thursday's close of 4.2245/2295. Kuala Lumpur: The ringgit continues to strengthen against the US dollar on Friday, as the United States (US) economic data points to further weakening amid concerns over tariffs and fiscal policies, an analyst said. At 8 am, the local note improved to 4.2140/2335 against the greenback from Thursday's close of 4.2245/2295. Advertisement Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) slipped by 0.05 per cent to 98.741 points as US economic data showed signs of further slowdown. 'US Initial Jobless Claims rose to 247,000 last week, marking the second consecutive week of increases, while the Continuous Jobless Claims remained elevated to 1.904 million for the week ending May 24, 2025. 'The focus tonight will be on the Nonfarm Payroll (NFP), which is expected to reach 125,000 in May (consensus) from the previous month's print of 177,000,' he told Bernama. Mohd Afzanizam said emerging market currencies, including the ringgit, have been appreciating against the US dollar due to a weaker US economic outlook and continued concerns over tariffs and fiscal policies. 'The prevailing market condition defied the norms because the US dollar has been deemed a safe-haven currency. Traders and investors would normally flock to the US dollar to seek protection against extreme volatility,' he said. Mohd Afzanizam said the market will continue to be wary of US tariff policies and the recent fallout between US President Donald Trump and Elon Musk over the government's budgetary position and its impact on the global economy, which may lead to further noise in the market sentiments. 'At the end of the day, it is about prescribing a good policy and implementing it promptly to see the outcome,' he said. Therefore, he said the ringgit may continue to climb in light of the prevailing condition, reaching RM4.20 in the near term. At the opening, the ringgit traded mostly higher against a basket of major currencies. It appreciated against the Japanese yen to 2.9343/9481 from Thursday's 2.9495/9531 and climbed against the British pound to 5.7226/7491 from 5.7301/7369, but slid versus the euro to 4.8263/8486 from 4.8235/8292. The local currency also traded higher against most of its ASEAN peers. It gained versus the Singapore dollar to 3.2758/2915 from Thursday's close of 3.2881/2922 and was marginally higher against the Indonesian rupiah at 258.7/260.1 from 259.3/259.8. The ringgit surged against the Thai baht to 12.9157/9854 from yesterday's close of 12.9925/13.0138 and edged up against the Philippine peso to 7.57/7.62 from 7.59/7.61. * 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
Daily Express
15-05-2025
- Business
- Daily Express
Ringgit eases against US dollar amid potential trade deal between US and China
Published on: Thursday, May 15, 2025 Published on: Thu, May 15, 2025 By: Bernama Text Size: At 8.02 am, the local note edged down to 4.2880/3090 versus the greenback compared to Wednesday's closing rate of 4.2840/2910. Kuala Lumpur: The ringgit opened slightly lower against the US dollar as traders continue to observe the potential trade deal between the US and China, along with geopolitical risks, according to an economist. At 8.02 am, the local note edged down to 4.2880/3090 versus the greenback compared to Wednesday's closing rate of 4.2840/2910. Advertisement Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the positive sentiments led the US Dollar Index (DXY) to gain some grounds, while emerging currencies are stabilising. 'Market sentiments are fairly positive and stable as the standoff between the US and China looks like receding, paving the way for the trade deal at some point in the future,' he told Bernama. 'Thus, we foresee dollar-ringgit lingering around its current level today,' he added. At the opening, the ringgit traded higher against a basket of major currencies. It rose against the Japanese yen to 2.9230/9377 from 2.9373/9425 at Wednesday's close, appreciated versus the British pound to 5.6867/7146 from 5.7191/7285 and gained vis-a-vis the euro to 4.7931/8166 from 4.8204/8282 previously. Meanwhile, the local note was traded mixed against its ASEAN peers. It climbed versus the Singapore dollar to 3.2942/3110 from 3.3045/3104 yesterday and surged against the Thai baht to 12.8226/8989 from 12.8920/9208 previously. However, the ringgit inched down vis-a-vis the Philippine peso to 7.67/7.71 from 7.66/7.68 at Wednesday's close and was marginally lower against the Indonesian rupiah to 258.8/260.3 from 258.6/259.2 previously. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * 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
