Latest news with #RM4.20
Malaysian Reserve
20 hours ago
- Business
- Malaysian Reserve
Ringgit advances vs US dollar amid weak US data and tariff concerns
THE ringgit continues to strengthen against the US dollar on Friday, as the United States (US) economic data points to further weakening amid concerns over tariffs and fiscal policies, an analyst said. At 8 am, the local note improved to 4.2140/2335 against the greenback from Thursday's close of 4.2245/2295. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) slipped by 0.05 per cent to 98.741 points as US economic data showed signs of further slowdown. 'US Initial Jobless Claims rose to 247,000 last week, marking the second consecutive week of increases, while the Continuous Jobless Claims remained elevated to 1.904 million for the week ending May 24, 2025. 'The focus tonight will be on the Nonfarm Payroll (NFP), which is expected to reach 125,000 in May (consensus) from the previous month's print of 177,000,' he told Bernama. Mohd Afzanizam said emerging market currencies, including the ringgit, have been appreciating against the US dollar due to a weaker US economic outlook and continued concerns over tariffs and fiscal policies. 'The prevailing market condition defied the norms because the US dollar has been deemed a safe-haven currency. Traders and investors would normally flock to the US dollar to seek protection against extreme volatility,' he said. Mohd Afzanizam said the market will continue to be wary of US tariff policies and the recent fallout between US President Donald Trump and Elon Musk over the government's budgetary position and its impact on the global economy, which may lead to further noise in the market sentiments. 'At the end of the day, it is about prescribing a good policy and implementing it promptly to see the outcome,' he said. Therefore, he said the ringgit may continue to climb in light of the prevailing condition, reaching RM4.20 in the near term. At the opening, the ringgit traded mostly higher against a basket of major currencies. It appreciated against the Japanese yen to 2.9343/9481 from Thursday's 2.9495/9531 and climbed against the British pound to 5.7226/7491 from 5.7301/7369, but slid versus the euro to 4.8263/8486 from 4.8235/8292. The local currency also traded higher against most of its ASEAN peers. It gained versus the Singapore dollar to 3.2758/2915 from Thursday's close of 3.2881/2922 and was marginally higher against the Indonesian rupiah at 258.7/260.1 from 259.3/259.8. The ringgit surged against the Thai baht to 12.9157/9854 from yesterday's close of 12.9925/13.0138 and edged up against the Philippine peso to 7.57/7.62 from 7.59/7.61. — BERNAMA
The Star
a day ago
- Business
- The Star
Ringgit advances vs US$ amid weak US data and tariff concerns
KUALA LUMPUR: The ringgit continues to strengthen against the US dollar on Friday, as the United States (US) economic data points to further weakening amid concerns over tariffs and fiscal policies, an analyst said. At 8 am, the local note improved to 4.2140/2335 against the greenback from Thursday's close of 4.2245/2295. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) slipped by 0.05 per cent to 98.741 points as US economic data showed signs of further slowdown. "US Initial Jobless Claims rose to 247,000 last week, marking the second consecutive week of increases, while the Continuous Jobless Claims remained elevated to 1.904 million for the week ending May 24, 2025. "The focus tonight will be on the Nonfarm Payroll (NFP), which is expected to reach 125,000 in May (consensus) from the previous month's print of 177,000," he told Bernama. Mohd Afzanizam said emerging market currencies, including the ringgit, have been appreciating against the US dollar due to a weaker US economic outlook and continued concerns over tariffs and fiscal policies. "The prevailing market condition defied the norms because the US dollar has been deemed a safe-haven currency. Traders and investors would normally flock to the US dollar to seek protection against extreme volatility,' he said. Mohd Afzanizam said the market will continue to be wary of US tariff policies and the recent fallout between US President Donald Trump and Elon Musk over the government's budgetary position and its impact on the global economy, which may lead to further noise in the market sentiments. "At the end of the day, it is about prescribing a good policy and implementing it promptly to see the outcome," he said. Therefore, he said the ringgit may continue to climb in light of the prevailing condition, reaching RM4.20 in the near term. At the opening, the ringgit traded mostly higher against a basket of major currencies. It appreciated against the Japanese yen to 2.9343/9481 from Thursday's 2.9495/9531 and climbed against the British pound to 5.7226/7491 from 5.7301/7369, but slid versus the euro to 4.8263/8486 from 4.8235/8292. The local currency also traded higher against most of its ASEAN peers. It gained versus the Singapore dollar to 3.2758/2915 from Thursday's close of 3.2881/2922 and was marginally higher against the Indonesian rupiah at 258.7/260.1 from 259.3/259.8. The ringgit surged against the Thai baht to 12.9157/9854 from yesterday's close of 12.9925/13.0138 and edged up against the Philippine peso to 7.57/7.62 from 7.59/7.61. - Bernama
BusinessToday
a day ago
- Business
- BusinessToday
Ringgit Finds Its Feet Amid US Data Drag
The ringgit opened stronger against the US dollar on Friday, extending its gains as weaker US economic indicators and ongoing tariff uncertainties dampened demand for the greenback. At 8am, the local note rose to 4.2140/2335 against the US dollar from Thursday's close of 4.2245/2295. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) slipped by 0.05% to 98.741 points following the release of economic data pointing to further slowdown in the US economy. 'US Initial Jobless Claims rose to 247,000 last week, marking the second consecutive week of increases, while the Continuous Jobless Claims remained elevated to 1.904 million for the week ending 24 May 2025. 'The focus tonight will be on the Nonfarm Payroll (NFP), which is expected to reach 125,000 in May (consensus) from the previous month's print of 177,000,' he told Bernama . He said the ringgit may continue to climb in the near term, potentially reaching RM4.20, as emerging market currencies appreciate on the back of a weaker US outlook and persistent concerns over tariffs and fiscal strategies. 'The prevailing market condition defied the norms because the US dollar has been deemed a safe-haven currency. Traders and investors would normally flock to the US dollar to seek protection against extreme volatility,' he added. Mohd Afzanizam also cautioned that the market remains sensitive to US trade policy developments and political noise, particularly the recent fallout between US President Donald Trump and Elon Musk over fiscal matters, which may rattle investor sentiment. 'At the end of the day, it is about prescribing a good policy and implementing it promptly to see the outcome,' he said. The ringgit also gained against most major and regional currencies at the start of the trading day. Against the Japanese yen, the ringgit improved to 2.9343/9481 from 2.9495/9531 on Thursday, and rose against the British pound to 5.7226/7491 from 5.7301/7369. However, it slipped versus the euro to 4.8263/8486 from 4.8235/8292. In ASEAN trade, the ringgit strengthened to 3.2758/2915 against the Singapore dollar from 3.2881/2922, and edged higher against the Indonesian rupiah to 258.7/260.1 from 259.3/259.8. It also surged against the Thai baht to 12.9157/9854 from 12.9925/13.0138 and appreciated against the Philippine peso to 7.57/7.62 from 7.59/7.61. Related
The Sun
a day ago
- Business
- The Sun
Ringgit advances vs US dollar amid weak US data and tariff concerns
KUALA LUMPUR: The ringgit continues to strengthen against the US dollar on Friday, as the United States (US) economic data points to further weakening amid concerns over tariffs and fiscal policies, an analyst said. At 8 am, the local note improved to 4.2140/2335 against the greenback from Thursday's close of 4.2245/2295. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) slipped by 0.05 per cent to 98.741 points as US economic data showed signs of further slowdown. 'US Initial Jobless Claims rose to 247,000 last week, marking the second consecutive week of increases, while the Continuous Jobless Claims remained elevated to 1.904 million for the week ending May 24, 2025. 'The focus tonight will be on the Nonfarm Payroll (NFP), which is expected to reach 125,000 in May (consensus) from the previous month's print of 177,000,' he told Bernama. Mohd Afzanizam said emerging market currencies, including the ringgit, have been appreciating against the US dollar due to a weaker US economic outlook and continued concerns over tariffs and fiscal policies. 'The prevailing market condition defied the norms because the US dollar has been deemed a safe-haven currency. Traders and investors would normally flock to the US dollar to seek protection against extreme volatility,' he said. Mohd Afzanizam said the market will continue to be wary of US tariff policies and the recent fallout between US President Donald Trump and Elon Musk over the government's budgetary position and its impact on the global economy, which may lead to further noise in the market sentiments. 'At the end of the day, it is about prescribing a good policy and implementing it promptly to see the outcome,' he said. Therefore, he said the ringgit may continue to climb in light of the prevailing condition, reaching RM4.20 in the near term. At the opening, the ringgit traded mostly higher against a basket of major currencies. It appreciated against the Japanese yen to 2.9343/9481 from Thursday's 2.9495/9531 and climbed against the British pound to 5.7226/7491 from 5.7301/7369, but slid versus the euro to 4.8263/8486 from 4.8235/8292. The local currency also traded higher against most of its ASEAN peers. It gained versus the Singapore dollar to 3.2758/2915 from Thursday's close of 3.2881/2922 and was marginally higher against the Indonesian rupiah at 258.7/260.1 from 259.3/259.8. The ringgit surged against the Thai baht to 12.9157/9854 from yesterday's close of 12.9925/13.0138 and edged up against the Philippine peso to 7.57/7.62 from 7.59/7.61.
The Sun
a day ago
- Business
- The Sun
Ringgit advances vs US dollar
KUALA LUMPUR: The ringgit continues to strengthen against the US dollar on Friday, as the United States (US) economic data points to further weakening amid concerns over tariffs and fiscal policies, an analyst said. At 8 am, the local note improved to 4.2140/2335 against the greenback from Thursday's close of 4.2245/2295. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) slipped by 0.05 per cent to 98.741 points as US economic data showed signs of further slowdown. 'US Initial Jobless Claims rose to 247,000 last week, marking the second consecutive week of increases, while the Continuous Jobless Claims remained elevated to 1.904 million for the week ending May 24, 2025. 'The focus tonight will be on the Nonfarm Payroll (NFP), which is expected to reach 125,000 in May (consensus) from the previous month's print of 177,000,' he told Bernama. Mohd Afzanizam said emerging market currencies, including the ringgit, have been appreciating against the US dollar due to a weaker US economic outlook and continued concerns over tariffs and fiscal policies. 'The prevailing market condition defied the norms because the US dollar has been deemed a safe-haven currency. Traders and investors would normally flock to the US dollar to seek protection against extreme volatility,' he said. Mohd Afzanizam said the market will continue to be wary of US tariff policies and the recent fallout between US President Donald Trump and Elon Musk over the government's budgetary position and its impact on the global economy, which may lead to further noise in the market sentiments. 'At the end of the day, it is about prescribing a good policy and implementing it promptly to see the outcome,' he said. Therefore, he said the ringgit may continue to climb in light of the prevailing condition, reaching RM4.20 in the near term. At the opening, the ringgit traded mostly higher against a basket of major currencies. It appreciated against the Japanese yen to 2.9343/9481 from Thursday's 2.9495/9531 and climbed against the British pound to 5.7226/7491 from 5.7301/7369, but slid versus the euro to 4.8263/8486 from 4.8235/8292. The local currency also traded higher against most of its ASEAN peers. It gained versus the Singapore dollar to 3.2758/2915 from Thursday's close of 3.2881/2922 and was marginally higher against the Indonesian rupiah at 258.7/260.1 from 259.3/259.8. The ringgit surged against the Thai baht to 12.9157/9854 from yesterday's close of 12.9925/13.0138 and edged up against the Philippine peso to 7.57/7.62 from 7.59/7.61.
