Latest news with #BankMuamalatMalaysiaBhd
The Star
13 hours ago
- Business
- The Star
Ringgit expected to trade in cautious mode next week amid US tariff uncertainty
KUALA LUMPUR: The ringgit is likely to be traded cautiously against the US dollar next week amid ongoing uncertainties surrounding US tariff policy developments, said Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid. This follows renewed market uncertainty after a US federal appeals court granted the White House's request to temporarily pause a lower-court ruling that struck down President Donald Trump's tariffs on imports into the country. Earlier, the US Court of International Trade had ruled that the tariffs announced by Trump were illegal. However, the Trump administration challenged the ruling, which has briefly restored the tariffs while the appeal process runs its course. Besides that, he said attention will also turn to the upcoming US Federal Reserve's Federal Open Market Committee (FOMC) meeting scheduled for June 16-17. "Key US economic indicators, particularly labour market data and inflation figures, will be closely watched. "Important data releases such as nonfarm payrolls, the unemployment rate, and the Institute for Supply Management manufacturing index will serve as critical guidance for investors and traders,' he told Bernama, adding that current data suggests a moderating growth outlook. Hence, Mohd Afzanizam said the FOMC is likely to maintain its interest rate stance, given that tariff-related policies could pose future inflationary risks. Given these developments, he opined that the USD/MYR is expected to remain within the RM4.22-RM4.24 range in the coming week. The ringgit ended the week lower against the US dollar, closing at 4.2530/2605 on Friday from 4.2285/2345 a week earlier. The local note traded lower against a basket of major currencies. The ringgit depreciated versus the euro to 4.8169/8254 at Friday's close from 4.7985/8053 at the end of last week. It also fell vis-à-vis the Japanese yen to 2.9531/9585 from 2.9502/9546 and inched down against the British pound to 5.7284/7385 from 5.7072/7153 a week earlier. However, the ringgit traded mostly higher against ASEAN currencies. The local note improved against the Philippine peso to 7.62/7.64 from 7.65/7.66 a week before, edged up against the Indonesian rupiah to 260.4/261.1 from 260.7/261.1 and strengthened versus the Thai baht to 12.9507/9790 from 12.9744/13.0012 last week. However, it weakened versus the Singapore dollar to 3.2938/3002 on Friday from 3.2891/2940 the previous week. - Bernama
The Sun
18 hours ago
- Business
- The Sun
Ringgit expected to trade in cautious mode next week amid US tariff uncertainty
KUALA LUMPUR: The ringgit is likely to be traded cautiously against the US dollar next week amid ongoing uncertainties surrounding US tariff policy developments, said Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid. This follows renewed market uncertainty after a US federal appeals court granted the White House's request to temporarily pause a lower-court ruling that struck down President Donald Trump's tariffs on imports into the country. Earlier, the US Court of International Trade had ruled that the tariffs announced by Trump were illegal. However, the Trump administration challenged the ruling, which has briefly restored the tariffs while the appeal process runs its course. Besides that, he said attention will also turn to the upcoming US Federal Reserve's Federal Open Market Committee (FOMC) meeting scheduled for June 16-17. 'Key US economic indicators, particularly labour market data and inflation figures, will be closely watched. 'Important data releases such as nonfarm payrolls, the unemployment rate, and the Institute for Supply Management manufacturing index will serve as critical guidance for investors and traders,' he told Bernama, adding that current data suggests a moderating growth outlook. Hence, Mohd Afzanizam said the FOMC is likely to maintain its interest rate stance, given that tariff-related policies could pose future inflationary risks. Given these developments, he opined that the USD/MYR is expected to remain within the RM4.22–RM4.24 range in the coming week. The ringgit ended the week lower against the US dollar, closing at 4.2530/2605 on Friday from 4.2285/2345 a week earlier. The local note traded lower against a basket of major currencies. The ringgit depreciated versus the euro to 4.8169/8254 at Friday's close from 4.7985/8053 at the end of last week. It also fell vis-à-vis the Japanese yen to 2.9531/9585 from 2.9502/9546 and inched down against the British pound to 5.7284/7385 from 5.7072/7153 a week earlier. However, the ringgit traded mostly higher against ASEAN currencies. The local note improved against the Philippine peso to 7.62/7.64 from 7.65/7.66 a week before, edged up against the Indonesian rupiah to 260.4/261.1 from 260.7/261.1 and strengthened versus the Thai baht to 12.9507/9790 from 12.9744/13.0012 last week. However, it weakened versus the Singapore dollar to 3.2938/3002 on Friday from 3.2891/2940 the previous week.
The Sun
18 hours ago
- Business
- The Sun
Ringgit to trade cautiously amid US tariff uncertainty
KUALA LUMPUR: The ringgit is likely to be traded cautiously against the US dollar next week amid ongoing uncertainties surrounding US tariff policy developments, said Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid. This follows renewed market uncertainty after a US federal appeals court granted the White House's request to temporarily pause a lower-court ruling that struck down President Donald Trump's tariffs on imports into the country. Earlier, the US Court of International Trade had ruled that the tariffs announced by Trump were illegal. However, the Trump administration challenged the ruling, which has briefly restored the tariffs while the appeal process runs its course. Besides that, he said attention will also turn to the upcoming US Federal Reserve's Federal Open Market Committee (FOMC) meeting scheduled for June 16-17. 'Key US economic indicators, particularly labour market data and inflation figures, will be closely watched. 'Important data releases such as nonfarm payrolls, the unemployment rate, and the Institute for Supply Management manufacturing index will serve as critical guidance for investors and traders,' he told Bernama, adding that current data suggests a moderating growth outlook. Hence, Mohd Afzanizam said the FOMC is likely to maintain its interest rate stance, given that tariff-related policies could pose future inflationary risks. Given these developments, he opined that the USD/MYR is expected to remain within the RM4.22–RM4.24 range in the coming week. The ringgit ended the week lower against the US dollar, closing at 4.2530/2605 on Friday from 4.2285/2345 a week earlier. The local note traded lower against a basket of major currencies. The ringgit depreciated versus the euro to 4.8169/8254 at Friday's close from 4.7985/8053 at the end of last week. It also fell vis-à-vis the Japanese yen to 2.9531/9585 from 2.9502/9546 and inched down against the British pound to 5.7284/7385 from 5.7072/7153 a week earlier. However, the ringgit traded mostly higher against ASEAN currencies. The local note improved against the Philippine peso to 7.62/7.64 from 7.65/7.66 a week before, edged up against the Indonesian rupiah to 260.4/261.1 from 260.7/261.1 and strengthened versus the Thai baht to 12.9507/9790 from 12.9744/13.0012 last week. However, it weakened versus the Singapore dollar to 3.2938/3002 on Friday from 3.2891/2940 the previous week.
Barnama
a day ago
- Business
- Barnama
Ringgit Strengthens Against Us Dollar Amid Tariff Shock Effects
By Engku Shariful Azni Engku Ab Latif KUALA LUMPUR, May 26 (Bernama) -- The ringgit continued to strengthen against the US dollar at opening today, driven by tariff shocks that are expected to negatively impact the US economy, said an analyst. At 8.04 am, the local note rose to 4.2100/2410 versus the greenback from Friday's close of 4.2285/2345. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the recent tax cut legislation passed by the US House of Representatives is expected to widen the fiscal deficit and increase government debt levels. 'The sovereign rating downgrade by Moody's Ratings, which occurred prior to the legislation's approval, has pushed US Treasury yields higher, with 30-year bonds exceeding the 5.0 per cent mark, making borrowing more expensive. 'As a result, markets are now at a critical crossroads, as the US dollar, traditionally seen as a safe-haven currency, is having that status revisited,' he told Bernama. As such, the ringgit is expected to remain positive in light of the weak US dollar, he added. Mohd Afzanizam said the current US$/RM support and resistance levels are at 4.0942 and 4.2624, respectively. "Assuming the ringgit strengthens by a further 0.5 per cent this week, the US$/RM pair could settle around 4.2103, within a range of 4.22 to 4.23," he said.
BusinessToday
2 days ago
- Business
- BusinessToday
Ringgit Gains On US Dollar After Court Halts Tariff Block
The ringgit opened stronger against the US dollar this morning, buoyed by improved investor confidence in emerging market currencies following a temporary reprieve granted by a US court on Trump-era import tariffs. At 8 am, the local currency surged to 4.2180/2485 against the greenback, up from Thursday's close of 4.2390/2475. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid explained that the US Dollar Index (DXY) slipped below the 100-point mark to 99.278 after the US Court of Appeals for the Federal Circuit stayed a US Court of International Trade ruling that would have blocked most Trump-era tariffs on Wednesday (US time). He noted, 'Apart from that, the second estimate for the first quarter of 2025 US gross domestic product (GDP) contracted 0.2 per cent quarter-on-quarter seasonally adjusted annualised rate (SAAR), slightly better than the first estimate of -0.3 per cent but lower than the 2.4 per cent expansion in the previous quarter.' The economist added that recent US economic data indicated weakening conditions, citing Initial Jobless Claims rising to 240,000 last week compared to consensus estimates of 229,000, while Continuous Jobless Claims increased to 1.91 million for the week ending May 17 from 1.89 million the prior week. Traders and investors are now awaiting the Personal Consumption Expenditure (PCE) inflation data. 'Consensus is pencilling the headline PCE and Core PCE at a moderate pace of 2.2 per cent and 2.5 per cent in April against 2.3 per cent and 2.6 per cent in the prior month,' he said. 'As such, the ringgit is expected to trend higher today, possibly around RM4.21 and RM4.22, owing to a weaker US dollar outlook,' he told Bernama. At the opening, the ringgit appreciated against a basket of major currencies, strengthening to 5.6943/7355 versus the British pound from Thursday's 5.7091/7205, and gaining against the euro at 4.7992/8339 compared to 4.7803/7899 previously. However, it weakened slightly against the Japanese yen to 2.9349/9563 from yesterday's close of 2.9188/9249. The local note also traded mostly higher against its ASEAN counterparts. It improved versus the Singapore dollar to 3.2789/3031 from 3.2853/2921 on Thursday, inched up against the Indonesian rupiah to 258.6/260.6 from 259.9/260.5, and advanced against the Philippine peso to 7.56/7.62 from 7.60/7.62. The ringgit, however, slid against the Thai baht to 12.9565/13.0590 from 12.9321/9647 previously. Related
