Latest news with #DanniHaizalDanialDonald
Barnama
3 days ago
- Business
- Barnama
Ringgit Ends Marginally Lower Against Greenback On Stronger US Dollar Index
By Danni Haizal Danial Donald KUALA LUMPUR, June 6 (Bernama) -- The ringgit closed marginally lower against the US dollar on Friday, amid a stronger US Dollar Index (DXY) as traders await US Nonfarm Payroll (NFP) data tonight, said an analyst. At 6 pm, the local note stood at 4.2270/2360 against the greenback, easing from Thursday's close of 4.2245/2295. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the DXY gained 0.14 per cent to 98.884 points as the markets await the NFP data tonight, expecting payrolls to increase by 126,000 in May, down from 177,000 in the previous month. 'The ringgit versus the US dollar exchange oscillates around RM4.22 to RM4.23 today. Compared to yesterday, the ringgit depreciated slightly by 0.09 per cent to RM4.2310. 'This week, the ringgit has performed well as it has gained 0.7 per cent,' he told Bernama. Meanwhile, SPI Asset Management managing partner Stephen Innes said as US-China tariff tensions subside and foreign capital continues to flow into Malaysian debt and foreign exchange deposits, the ringgit is gaining stronger structural support. 'Foreign investor interest remains strong, suggesting that any ringgit weakness driven by the US dollar is likely to attract buyers swiftly,' he said. At the close, the ringgit traded mostly higher against a basket of major currencies.
Barnama
3 days ago
- Business
- Barnama
Gold Futures End Lower Amid Positive US-China Developments
By Danni Haizal Danial Donald KUALA LUMPUR, June 6 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives ended lower today, as the gold market eased slightly following a promising phone call between United States President Donald Trump and Chinese President Xi Jinping, said an analyst. The call, which signalled improving diplomatic engagement between the world's two largest economies, helped calm investor nerves over potential trade and geopolitical tensions. According to SPI Asset Management managing partner Stephen Innes, the development reduced demand for safe-haven assets such as gold, contributing to the price easing. 'The Trump-Xi call has reduced safe-haven demand for US assets, keeping gold within a tighter trading range. 'Additionally, despite the positive tone of the Trump-Xi conversation, the precious metal remains closely tied to the movement of the US dollar, with traders hoping that an earlier-than-expected US Federal Reserve rate cut will weaken the greenback,' he told Bernama. The spot-month June 2025 contract fell to US$3,371.80 per troy ounce from US$3,400.90 yesterday, while the July 2025 contract dropped to US$3,380.30 from US$3,409.40. The August, September and October 2025 contracts decreased to US$3,393.80 per troy ounce from US$3,422.90 yesterday. Trading volume increased to 109 lots from 38 lots on Thursday, while open interest rose to 122 contracts from 62 contracts.
Barnama
27-05-2025
- Business
- Barnama
Ringgit Eases Against Greenback On Profit-Taking After Recent Gains
By Danni Haizal Danial Donald KUALA LUMPUR, May 27 (Bernama) -- The ringgit ended lower against the US dollar on Tuesday as cautious traders took profit after recent gains amid continued uncertainty in the global economic outlook. At 6 pm, the local note fell to 4.2345/2430 versus the US dollar from Monday's close of 4.2155/2220. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said it appeared that traders might have realised their gains in the currency markets after the recent steep appreciation of emerging currencies. 'Nonetheless, the immediate (global) macroeconomic picture is pretty much unchanged, where sentiments among businesses and consumers are still cautious,' he told Bernama, noting that other emerging market currencies also depreciated against the American dollar as the US Dollar Index (DXY) rose to 99.018 points. 'The US Conference Board will be publishing their latest survey on the consumer confidence index for May, with the latest data in April seeing a persistent fall to 86 points, representing the fifth consecutive month of decline since December last year. 'The consensus (view is for) a slight improvement to 87.1 points. Perhaps lower gasoline prices might have lent some support to consumers during May, although such support is expected to be transitory,' he added. The ringgit traded mostly lower against a basket of major currencies at the close. It rose against the Japanese yen to 2.9425/9486 from Monday's close of 2.9506/9553, but fell vis-à-vis the euro to 4.8053/8150 from 4.7972/8046 and depreciated against the British pound to 5.7352/7467 from 5.7175/7263.
Barnama
21-05-2025
- Business
- Barnama
Ringgit Opens Higher Against Greenback On Weaker US Economic Outlook, Tariff Concerns
By Danni Haizal Danial Donald KUALA LUMPUR, May 21 (Bernama) -- The ringgit opened stronger against the US dollar on Wednesday as the greenback weakened on a softer United States (US) economic outlook amid tariff concerns, an analyst said. At 8 am, the local note rose to 4.2790/2960 against the greenback from Tuesday's close of 4.2950/3010. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said there is a noticeable sense of uncertainty about the future of the US economy due to ongoing concerns about tariffs, which might affect prices and economic growth. 'The US Dollar Index (DXY) was seen declining by 0.31 per cent to 100.118 points while the US equity prices fell as it entered an overbought territory. 'However, the US Treasury yields rose as the recent sovereign rating downgrade on the US government may stall plans for expansionary fiscal policy,' he told Bernama. Mohd Afzanizam also said market sentiments will remain guarded as the US dollar-ringgit is expected to stay range-bound between 4.28 and 4.29. 'Additionally, Malaysia's exports figure turns out to be better-than-expected in April at 16.4 per cent versus 7.5 per cent estimates among the consensus. 'Therefore, this could explain why Bank Negara Malaysia may have refrained from resorting to an outright cut in the overnight policy rate last week as they would want to gather more information in order to prescribe monetary easing,' he added.
Barnama
05-05-2025
- Business
- Barnama
Ringgit Rises Against Greenback Following Govt Response To Impact From US Reciprocal Tariffs
By Danni Haizal Danial Donald KUALA LUMPUR, May 5 (Bernama) -- The ringgit ended higher against the US dollar at the close on Monday, amid the government's response towards the impact of the reciprocal tariff from the United States (US), said an analyst. At 6 pm, the ringgit surged to 4.1990/2035 against the greenback, compared to last Friday's close of 4.2560/2600. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said today's special parliamentary meeting indicated that the government is being pragmatic in dealing with the tariff shocks enacted by US President Donald Trump. 'The session suggests that the government has acknowledged the fact that the tariff shocks are expected to impact the economy significantly, and they are ready to take necessary steps to mitigate the impact. 'It demonstrates the government's resolve to be forthcoming in their communication to the public. So, to some degree, this could help contribute to the confidence in our economy and the government and ultimately our ringgit,' he told Bernama. Additionally, Mohd Afzanizam said that the better-than-expected non-farm payroll last Friday failed to resuscitate the value of the US dollar, with the US Dollar Index (DXY) continuing to linger at around 99 points. SPI Asset Management managing partner Stephen Innes said a mix of regional optimism and domestic developments buoyed the ringgit's positive performance. He said at the regional level, renewed hopes of a US-China tariff resolution have sparked a broad-based re-rating of Asian currencies, giving a notable boost to the ringgit.
