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The Star
4 hours ago
- Business
- The Star
Ringgit opens higher ahead of 13MP announcement
KUALA LUMPUR: The ringgit opened higher against the US dollar and a basket of major currencies on Thursday, ahead of the 13th Malaysia Plan (13MP) announcement this afternoon, said Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid. At 8 am, the local note strengthened to 4.2370/2570 against the greenback from Wednesday's close of 4.2410/2455. Prime Minister Anwar Ibrahim is scheduled to table the 13MP in Parliament later today. Mohd Afzanizam said the 13MP has raised expectations of higher development spending, which could support stronger economic growth. "The 13MP allocation is likely to spur domestic demand, particularly in construction-related sectors,' he told Bernama. Meanwhile, Mohd Afzanizam noted that the US Dollar Index (DXY) continued to climb, reaching 99.82 points, after the Federal Open Market Committee (FOMC) of the US Federal Reserve (Fed) opted to keep the Fed Funds Rate unchanged at 4.25-4.50 per cent. He said the US Fed has revised down its economic outlook, citing a moderation in activity during the first half of 2025. "This aligns with the second-quarter GDP print of 3.0 per cent, largely driven by a sharp 30 per cent drop in imports, which led to a significant net export contribution to overall growth. "The decision to maintain the policy rate was not unanimous, as two Fed members voted in favour of a quarter-point cut,' he added. For now, Mohd Afzanizam said the development remains positive for the greenback, as wide interest rate differentials continue to favour the US dollar. As such, the ringgit is expected to trade within the RM4.24 to RM4.25 range today. At the opening, the ringgit traded higher against major currencies. It appreciated against the Japanese yen to 2.8394/8530 from 2.8646/8678 at Wednesday's close, rose against the British pound to 5.6161/6427 from 5.6745/6805, and strengthened versus the euro to 4.8420/8649 from 4.8996/9048. The local unit was also higher against most regional currencies, although flat against the Philippine peso at 7.36/7.40 from 7.36/7.38 previously. It edged up against the Indonesian rupiah to 258.2/259.6 from 258.5/258.9, gained on the Singapore dollar to 3.2695/2852 from 3.2919/2957, and improved against the Thai baht to 12.9433/13.0136 from 13.0528/0719. - Bernama
Barnama
4 hours ago
- Business
- Barnama
Ringgit Opens Higher Ahead Of 13MP Announcement
WORLD By Karina Imran KUALA LUMPUR, July 31 (Bernama) -- The ringgit opened higher against the US dollar and a basket of major currencies on Thursday, ahead of the 13th Malaysia Plan (13MP) announcement this afternoon, said Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid. At 8 am, the local note strengthened to 4.2370/2570 against the greenback from Wednesday's close of 4.2410/2455. Prime Minister Anwar Ibrahim is scheduled to table the 13MP in Parliament later today. Mohd Afzanizam said the 13MP has raised expectations of higher development spending, which could support stronger economic growth. 'The 13MP allocation is likely to spur domestic demand, particularly in construction-related sectors,' he told Bernama. Meanwhile, Mohd Afzanizam noted that the US Dollar Index (DXY) continued to climb, reaching 99.82 points, after the Federal Open Market Committee (FOMC) of the US Federal Reserve (Fed) opted to keep the Fed Funds Rate unchanged at 4.25–4.50 per cent. He said the US Fed has revised down its economic outlook, citing a moderation in activity during the first half of 2025. 'This aligns with the second-quarter GDP print of 3.0 per cent, largely driven by a sharp 30 per cent drop in imports, which led to a significant net export contribution to overall growth.
BusinessToday
15 hours ago
- Business
- BusinessToday
Ringgit Steady As Traders Await Fed Policy Signal
The ringgit opened little changed against the US dollar on Wednesday as markets adopted a cautious stance ahead of the Federal Open Market Committee (FOMC) meeting later tonight. At 8 am, the local unit was quoted at 4.2300/2400 versus the greenback compared with Tuesday's close of 4.2320/2365. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) rose to 98.886 points as investors positioned themselves for the Fed's policy decision. 'There is no doubt that the Fed will leave rates unchanged. The question is whether they will convey greater openness to cutting rates at their September meeting,' he noted. US data remains mixed, with the Job Openings and Labour Turnover Survey (JOLTS) showing vacancies slipped to 7.44 million in June from 7.51 million previously, below the consensus forecast of 7.71 million. Meanwhile, consumer confidence climbed to 97.2 points in July from 95.2 points, although concerns about higher import prices persist. 'What this means to the foreign exchange market is that there could be support for the DXY as the Fed is unlikely to cut interest rates in the immediate term,' Mohd Afzanizam said. On the broader outlook, he pointed out that the International Monetary Fund (IMF) has revised global GDP growth for 2025 to 3.0% from 2.8%, while Malaysia's forecast was raised to 4.5% from 4.1%. 'This suggests the impact of the US tariff shock would be fairly manageable. Hence, the ringgit is likely to oscillate between RM4.23 and RM4.24,' he added. Against other major currencies, the ringgit traded higher against the British pound at 5.6483/6617 from 5.6518/6578 and rose versus the euro to 4.8861/8976 from 4.8990/9042, but slipped against the Japanese yen to 2.8498/8570 from 2.8479/8511. The local note was mixed against regional peers, almost flat against the Indonesian rupiah at 257.7/258.5, firmer versus the Singapore dollar at 3.2842/2922, slightly higher against the Philippine peso at 7.37/7.40, but weaker compared with the Thai baht at 13.0556/0969. Related
Economic Times
20 hours ago
- Business
- Economic Times
Gold prices surge above Rs 99k ahead of FOMC July meeting outcome. Analysts suggest how to trade
Ahead of the FOMC July meeting outcome, Gold October futures contracts at MCX were trading higher by Rs 358 or 0.36% at Rs 99,477/10 grams after settling positively in the previous trading session. However, in the last one week, the prices of yellow metal have fallen by Rs 1,861, from their all-time high levels. ADVERTISEMENT Meanwhile, silver July futures contracts were trading flat with a negative bias, slightly lower by Rs 52 or 0.05% at Rs 1,13,701/kg. On Tuesday, gold and silver settled on a positive note in the domestic and international markets. Gold October futures contract settled at Rs 99,119 per 10 grams with a gain of 0.69% and the silver September futures contract settled at Rs 1,13,753 per kilogram with a gain of 0.62%. Gold and silver prices recovered from their lows after the U.S. JOLTS opening data released on Tuesday of June came lower than expected. As per the U.S. labour market's job openings and labour turnover survey reports for June month job openings fell to 7.44 million against May months reading of 7.77 million and also below analyst expectations of 7.51 million jobs.'Gold and silver prices also gained ahead of the Fed monetary policy meetings as markets are expecting that the Fed Chairman could give a hint for monetary easing in these policy meetings. Weakness in the rupee and surge in crude oil prices also supported prices of precious metals,' said Manoj Kumar Jain of Prithvifinmart Commodity the dollar index hit a 5-week high amid U.S. tariff uncertainty and limiting gains of gold and silver. Today, the US Dollar Index, DXY, was hovering near the 98.73 mark, falling 0.15 or 0.16%. ADVERTISEMENT 'We expect gold and silver prices to remain volatile this week amid volatility in the global financial markets, the Fed monetary policy meeting and the U.S. trade tariff deadline but gold prices could hold its support level of $3,280 per troy ounce and silver prices could also hold $36.40 per troy ounce levels on a weekly closing basis,' he added. Manoj Kumar Jain suggested the following ranges for gold and silver on MCX: ADVERTISEMENT Gold has support at Rs 98,800-98,440 and resistance at Rs 99,500-99,820 Silver has support at Rs 1,13,000-1,12,200 and resistance at Rs 1,14,400-1,15,115 Jain suggests buying silver on dips around Rs 1,13,100 with a stop loss of Rs 1,12,400 for a target of Rs 1,15,000. ADVERTISEMENT Standard gold (22 carat) prices in Delhi stand at Rs 57,808/8 grams while pure gold (24 carat) prices stand at Rs 61,656/8 gold (22 carat) prices in Mumbai stand at Rs 57,880/8 grams while pure gold (24 carat) prices stand at Rs 61,752/8 gold (22 carat) prices in Chennai stand at Rs 56,688/8 grams while pure gold (24 carat) prices stand at Rs 60,400/8 grams. ADVERTISEMENT Standard gold (22 carat) prices in Hyderabad stand at Rs 56,840/8 grams while pure gold (24 carat) prices stand at Rs 60,552/8 grams. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Daily Express
a day ago
- Business
- Daily Express
Ringgit steady vs US dollar ahead of Federal Open Market Committee meeting
Published on: Wednesday, July 30, 2025 Published on: Wed, Jul 30, 2025 By: Bernama Text Size: At 8 am, the local note was slightly higher at 4.2300/2400 against the greenback from Tuesday's close of 4.2320/2365. Kuala Lumpur: The ringgit was little changed against the US dollar on Wednesday morning as traders adopted a wait-and-see approach ahead of the Federal Open Market Committee (FOMC) meeting, which will be unfolding tonight, said an analyst. At 8 am, the local note was slightly higher at 4.2300/2400 against the greenback from Tuesday's close of 4.2320/2365. It was reported that FOMC is expected to leave rates unchanged and the focus will be on whether Fed chair Jerome Powell offers any hint of a September rate cut. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid told Bernama that the US Dollar Index (DXY) rose to 98.886 points as markets brace themselves for the FOMC decision. He noted that US data points continued to paint a mixed picture, with the Jobs Opening and Labour Turnover Survey (JOLTS) reporting that the number of job openings in June fell to 7.44 million from 7.51 million in the prior month, lower than consensus estimates of 7.71 million. Meanwhile, the US Conference Board Consumer Confidence Index improved to 97.2 points in July from 95.2 points previously. Concerns over higher prices due to imports, nevertheless, remained foremost among American consumers, he said. 'What this means to the foreign exchange market is that there could be support for the DXY as the Fed is unlikely to cut the interest rates in the immediate term,' he said. On a more positive note, Mohd Afzanizam said the International Monetary Fund (IMF) has revised its 2025 global gross domestic product (GDP) forecast to 3.0 per cent from 2.8 per cent. Similarly, for Malaysia, the economic growth projection has been raised to 4.5 per cent from 4.1 per cent. * 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
