Latest news with #EngkuSharifulAzni
Barnama
3 days 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.
Barnama
15-05-2025
- Business
- Barnama
Ringgit Eases Against US Dollar Amid Potential Trade Deal Between US And China
15/05/2025 09:08 AM By Engku Shariful Azni Engku Ab Latif KUALA LUMPUR, May 15 (Bernama) -- 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. 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.
Barnama
14-05-2025
- Business
- Barnama
Ringgit Opens Higher Vs US Dollar, Market Sentiment Improves
By Harizah Hanim Mohamed and Engku Shariful Azni Engku Ab Latif KUALA LUMPUR, May 13 (Bernama) -- The ringgit opened slightly higher against the US dollar today, supported by positive sentiment from the United States (US)-China diplomatic negotiations on the US tariff, an analyst said. At 8 am, the local note inched up to 4.2950/3170 versus the greenback against Friday's close of 4.2970/3005. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) climbed more than one per cent to 101.788 points as the US-China trade tension eases. "The benchmark equities were higher while yields on the US Treasury rose as the risk-on mode became prevalent. "On that note, the ringgit would see range-bound trade as US-China trade deals suggest the tariff shocks could be better managed via diplomatic negotiations in the months to come," he told Bernama today. He also noted that the 90-day pause agreed by the US and China to slash tariffs on each other's goods would result in a better outcome for many countries, including Malaysia. It was reported that the US and China have agreed to lower tariffs on each other's goods for the next 90 days, signalling a potential easing of tensions in their ongoing trade war. As part of the agreement reached during negotiations in Geneva over the weekend, the US will reduce its additional tariff on Chinese products from 145 per cent to 30 per cent, while China will lower its tariff on American imports from 125 per cent to 10 per cent.
Barnama
14-05-2025
- Business
- Barnama
Ringgit Opens Higher Against US Dollar As US-China Trade Tensions Ease
By Engku Shariful Azni Engku Ab Latif and Harizah Hanim Mohamed KUALA LUMPUR, May 14 (Bernama) -- The ringgit opened higher against the US dollar today, as easing US-China trade tensions brought relief to the financial markets, reducing recession fears and boosting risk-on sentiment among the traders and investors, an analyst said. At 8.01 am, the local note appreciated to 4.3045/3245 versus the US dollar compared to Tuesday's close of 4.3185/3250. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US consumer price index (CPI) grew 2.3 per cent year-on-year in April, slightly below market expectations of 2.4 per cent, while core CPI sustained at 2.8 per cent. "The moderation in CPI also suggests that concerns over US tariff-induced inflation may take a backseat for now," he told Bernama. Mohd Afzanizam said the economic data also indicates that the US Federal Reserve (Fed) has the policy space to reduce the Fed Fund Rate going forward. Therefore, the Federal Open Market Committee meeting on June 17 and 18 will be crucial, as the Fed is set to publish its latest quarterly macroeconomic forecast, he added. "The latest National Federation of Independent Business Optimism Index, which reflect small business sentiment, declined 95.8 points in April, the fourth consecutive months of decline since January this year. "Hence, the case for lower interest rate is valid, as weak business sentiments would result in reduced capital spending and hiring appetite," he said.
