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BusinessToday
30-07-2025
- 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
India Gazette
02-07-2025
- Business
- India Gazette
US Fed may not resume rate cuts before September: Bank of Baroda report
New Delhi [India], July 2 (ANI): The US Federal Reserve is unlikely to resume its easing cycle before September 2025, according to a report by Bank of Baroda. The expectation is based on the latest Job Openings and Labour Turnover Survey (JOLTS) report, which showed stronger-than-expected job openings for May 2025. The JOLTS data revealed that job openings in the US rose to 7.76 million in May 2025, up from 7.39 million in April 2025. However, hiring declined to 5.5 million, with the major drop seen in the healthcare and business services sectors. This mixed labour market data suggests that while job availability remains strong, actual hiring activity is slowing. The report also highlighted comments from the US Federal Reserve Chair, who reiterated that the Fed would continue to remain in 'wait and watch' mode. The central bank is carefully assessing the economic impact of the recent tariff measures before making any decisions on interest rates. Meanwhile, the US manufacturing sector showed some signs of improvement. The ISM Manufacturing Purchasing Managers' Index (PMI) rose to 49 in June, marking a six-month high, up from 48.5 in May. Despite the improvement, the index remains below the 50-mark, indicating continued contraction. Inflation risks persist, as reflected in the price index component of the ISM manufacturing data. The report also stated that the investors are now expected to shift their attention to the upcoming US employment report for more insights into the labour market trend. In the UK, the report noted that average housing price growth slowed to 2.1 per cent in June from 3.5 per cent in May. This moderation indicates weaker demand, possibly due to the recent hike in stamp duty. On the global bond market front, the report added that yields fell across most regions, except in the US and China. The US 10-year treasury yield edged up by 1 basis point after the Senate passed the Trump administration's spending bill. In India, the 10-year government bond yield dropped by 3 basis points, following a decline in global oil prices. However, it is now trading slightly higher at 6.30 per cent, reflecting movements in global bond markets. (ANI)
Mint
02-07-2025
- Business
- Mint
US Fed may not resume rate cuts before September: Bank of Baroda report
New Delhi [India], July 2 (ANI): The US Federal Reserve is unlikely to resume its easing cycle before September 2025, according to a report by Bank of Baroda. The expectation is based on the latest Job Openings and Labour Turnover Survey (JOLTS) report, which showed stronger-than-expected job openings for May 2025. The JOLTS data revealed that job openings in the US rose to 7.76 million in May 2025, up from 7.39 million in April 2025. However, hiring declined to 5.5 million, with the major drop seen in the healthcare and business services sectors. This mixed labour market data suggests that while job availability remains strong, actual hiring activity is slowing. The report also highlighted comments from the US Federal Reserve Chair, who reiterated that the Fed would continue to remain in "wait and watch" mode. The central bank is carefully assessing the economic impact of the recent tariff measures before making any decisions on interest rates. Meanwhile, the US manufacturing sector showed some signs of improvement. The ISM Manufacturing Purchasing Managers' Index (PMI) rose to 49 in June, marking a six-month high, up from 48.5 in May. Despite the improvement, the index remains below the 50-mark, indicating continued contraction. Inflation risks persist, as reflected in the price index component of the ISM manufacturing data. The report also stated that the investors are now expected to shift their attention to the upcoming US employment report for more insights into the labour market trend. In the UK, the report noted that average housing price growth slowed to 2.1 per cent in June from 3.5 per cent in May. This moderation indicates weaker demand, possibly due to the recent hike in stamp duty. On the global bond market front, the report added that yields fell across most regions, except in the US and China. The US 10-year treasury yield edged up by 1 basis point after the Senate passed the Trump administration's spending bill. In India, the 10-year government bond yield dropped by 3 basis points, following a decline in global oil prices. However, it is now trading slightly higher at 6.30 per cent, reflecting movements in global bond markets. (ANI)
