Latest news with #FatinUmairahAbdulHamid
Barnama
3 days ago
- Business
- Barnama
Gold Futures Forecast To Trade Range-bound Next Week
By Fatin Umairah Abdul Hamid KUALA LUMPUR, July 26 (Bernama) -- Gold futures on Bursa Malaysia Derivatives are expected to trade in a narrow range next week, tracking United States (US) COMEX gold amid the potential finalisation of US trade agreements with the European Union (EU) and Asia-Pacific countries, said an analyst. SPI Asset Management managing partner Stephen Innes noted that the EU and the US are moving towards a trade deal that could include a 15 per cent US baseline tariff on EU goods and possible exemptions. However, he said, the yellow metal could find support if the US dollar weakens, especially amid speculation over Federal Reserve chair Jerome Powell's stance on interest rates. 'My outlook for the week ahead sees gold finding a bid near the US$3,335 area, with topside resistance around US$3,395 (per troy ounce). The broader range will be dictated by how much traction the 'soft landing plus trade peace' narrative gains versus lingering macroeconomic uncertainty and rate expectations,' he told Bernama. On a weekly basis, the spot-month July 2025 contract slipped to US$3,350.0 per troy ounce on Friday from US$3,360.0 a week earlier, the August 2025 contract decreased to US$3,367.4 per troy ounce from US$3,378.3 previously, and the September 2025 contract fell to US$3,373.3 per troy ounce from US$3,384.20. Meanwhile, the October 2025, December 2025, and February 2026 contracts also settled lower at US$3,402.6 per troy ounce from US$3,413.40 previously. Weekly trading volume expanded to 34 lots from 12 lots in the previous week, while open interest rose to 71 contracts from 67 contracts. Physical gold was priced at US$3,365.85 per troy ounce based on the London Bullion Market Association's afternoon fix on July 24, 2025.
Barnama
5 days ago
- Business
- Barnama
Ringgit Likely To Trade Within RM4.22-RM4.24 Vs Greenback Next Week Ahead Of Fed Decision
WORLD By Fatin Umairah Abdul Hamid KUALA LUMPUR, July 26 (Bernama) -- The ringgit is expected to hover between RM4.22 and RM4.24 next week as the US Federal Reserve (Fed) is anticipated to maintain its policy rate, said an analyst. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said this outlook is tied to the upcoming Federal Open Market Committee (FOMC) meeting, scheduled for July 29–30, 2025. "Based on the interest rate futures market, the Fed is likely to keep the Federal Funds Rate steady at 4.50 per cent. Technical indicators suggest that the US dollar-ringgit exchange rate is currently in a neutral zone," he told Bernama. Meanwhile, SPI Asset Management managing partner Stephen Innes expects the ringgit to trade within a relatively narrow range of 4.2080–4.2280, with trade-related headlines and external sentiment continuing to drive short-term direction. On a Friday-to-Friday basis, the ringgit ended the week better against the greenback, closing at 4.2195/2245 versus 4.2410/2455 previously. However, the local note traded lower against a basket of major currencies. The ringgit depreciated vis-à-vis the Japanese yen to 2.8529/8565 from 2.8517/8549 and declined versus the euro to 4.9507/9566 from 4.9336/9388 at the end of last week. However, it gained against the British pound to 5.6786/6853 from 5.6999/7060 last Friday.
Barnama
6 days ago
- Business
- Barnama
Gold Futures End Week Lower On Firm US Jobs Data, Upbeat Trade Sentiment
By Fatin Umairah Abdul Hamid KUALA LUMPUR, July 25 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives ends lower on Friday, weighed by strong United States (US) jobs data and improving risk sentiment surrounding trade, said an analyst. SPI Asset Management managing partner Stephen Innes said optimism is building around a potential US-European Union trade deal and a broader Asia-Pacific accord that could include Malaysia. 'The yellow metal is facing headwinds from a stronger dollar and a rotation into risk assets,' he told Bernama. At the close, the spot-month July 2025 contract slipped to US$3,350.0 per troy ounce from US$3,366.8 per troy ounce on Thursday, the August 2025 contract fell to US$3,367.4 per troy ounce from US$3,385.1, and the September 2025 contract dropped to US$3,373.3 per troy ounce from US$3,391.0. The October 2025, December 2025, and February 2026 contracts also settled lower at US$3,402.6 per troy ounce from US$3,420.3 previously. Trading volume inched up to 34 lots from 31 lots, while open interest decreased to 71 contracts from 74 yesterday. Physical gold was priced at US$3,365.85 per troy ounce based on the London Bullion Market Association's afternoon fix on July 24, 2025. -- BERNAMA
Barnama
6 days ago
- Business
- Barnama
Ringgit Ends Lower Versus Greenback As Traders Await Tariff Clarity
REGION - CENTRAL > NEWS By Fatin Umairah Abdul Hamid KUALA LUMPUR, July 25 (Bernama) -- The ringgit ended lower against the US dollar on Friday, as some investors locked in profits following recent gains, amid lingering uncertainty over the timing of potential Malaysia-United States (US) tariff discussions. At 6 pm, the local note eased to 4.2195/2245 against the greenback, compared with Thursday's close of 4.2135/2210. bootstrap slideshow However, the ringgit was firmer against a basket of other major currencies. SPI Asset Management, managing partner Stephen Innes told Bernama that in the absence of fresh catalysts, investors turned to profit-taking, while the stronger greenback globally left the ringgit more exposed. Still, he noted that Japan's recent trade agreement with the US – which included a reduction in auto tariffs from 25 per cent to 15 per cent – could spark expectations of further bilateral deals, potentially involving Malaysia. 'If that happens, it could boost demand for the ringgit,' he said. Bank Muamalat Malaysia Bhd, chief economist Dr Mohd Afzanizam Abdul Rashid echoed the view, noting that the ringgit had slipped 0.1 per cent to 4.2220 against the greenback as the US Dollar Index rose to 97.621 points, likely reflecting profit-taking after the ringgit's 0.5 per cent week-on-week gain. At the close here, the ringgit strengthened against most major currencies.
Barnama
7 days ago
- Business
- Barnama
Ringgit Ends Higher Against US Dollar, Other Major Currencies On Malaysia-US Trade Deal Optimism
By Fatin Umairah Abdul Hamid KUALA LUMPUR, July 24 (Bernama) -- The ringgit ended higher against the US dollar, buoyed by optimism that Malaysia could secure a more favourable trade deal with the United States (US), said an analyst. The local note also traded higher versus the US dollar for the fifth consecutive day. At 6 pm, the ringgit rose to 4.2135/2210 against the greenback from Wednesday's close of 4.2255/2300. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said Malaysia is actively engaging in discussions with the US over the impending 25 per cent tariff rate set to take effect on Aug 1, aiming to secure a rate below 20 per cent. SPI Asset Management managing partner Stephen Innes said regional tailwinds further lifted sentiment after US President Donald Trump concluded a trade deal with Japan on Tuesday, which included reducing tariffs on the import of Japanese goods into the US to 15 per cent from 25 per cent. 'These developments are fuelling hopes that Washington's broader tariff strategy is shifting from confrontation to compromise. 'Against this backdrop, investors see Malaysia as a likely beneficiary of the next wave of bilateral deals,' he told Bernama. Innes added that the ringgit's recent gains may signal its potential to benefit from improved trade conditions following the US-Japan agreement.
