Latest news with #StephenInnes
Barnama
9 hours ago
- Business
- Barnama
Ringgit Extends Gains To Close Higher Amid Japan Political Uncertainty
WORLD By Fatin Umairah Abdul Hamid KUALA LUMPUR, July 21 (Bernama) -- The ringgit extended its gains against the US dollar at Monday's close, as the greenback struggled to appreciate amid political uncertainties in Japan, said an analyst. At 6 pm, the ringgit rose to 4.2320/2365 against the greenback, compared to Friday's close of 4.2410/2455. SPI Asset Management managing partner Stephen Innes said the ringgit trended higher, supported by the election setback for Japan's Prime Minister Shigeru Ishiba's coalition, which did not trigger broader market volatility. 'The absence of contagion allowed Asian and other emerging market currencies, including the ringgit, to edge higher and strengthen modestly,' he told Bernama. Echoing Innes, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit traded firmer in tandem with a 0.13 per cent decline in the US Dollar Index to 98.268 points, as major currencies such as the euro, yen, and the British pound all appreciated against the greenback. 'Despite uncertainties surrounding Japanese politics, the US dollar is struggling to appreciate, yet this has not resulted in a weak Japanese yen,' he said. On that note, Mohd Afzanizam said the ringgit was generally firmer against the US dollar, with the pair hovering around RM4.2375 in the afternoon, compared to RM4.2493 during the morning session. At the close, the ringgit was traded mostly higher against a basket of major currencies.
Daily Express
11 hours ago
- Business
- Daily Express
Ringgit strengthens against US dollar amid tariff deadline concerns
Published on: Wednesday, July 23, 2025 Published on: Wed, Jul 23, 2025 By: Bernama Text Size: At 8.03 am, the local currency strengthened to 4.2195/2375 against the greenback, up from Tuesday's close of 4.2300/2370. Kuala Lumpur: The ringgit opened firmer against the US dollar on Wednesday, supported by cautious optimism ahead of the looming Aug 1 tariff deadline. At 8.03 am, the local currency strengthened to 4.2195/2375 against the greenback, up from Tuesday's close of 4.2300/2370. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit is likely to trade between RM4.22 and RM4.24 today as markets remain wary of potential tariff impacts. 'Investors are adopting a guarded stance, waiting for clearer signals on trade policies,' he noted. SPI Asset Management managing partner Stephen Innes attributed the ringgit's early gains to shifting macroeconomic conditions. 'The US dollar is under pressure from falling Treasury yields and domestic political concerns, which is benefiting emerging market currencies like the ringgit,' he said. Innes added that the ringgit's rebound reflects more than just a temporary bounce. 'A softer dollar, renewed trade talks, and hopes for tariff relief are creating a favourable environment for the ringgit,' he told Bernama. He also highlighted ongoing negotiations between Malaysia and the US, where Malaysian officials are reportedly seeking a reduced tariff rate of 15–20 per cent, compared to the proposed 25 per cent. Against other major currencies, the ringgit showed mixed performance. It weakened against the Japanese yen to 2.8767/8891 from 2.8690/8739 and dipped versus the euro to 4.9528/9740 from 4.9512/9594. However, it edged higher against the British pound, rising to 5.7052/7295 from 5.7088/7183. Regionally, the ringgit strengthened against the Singapore dollar to 3.3001/3144 from 3.3011/3071 and appreciated against the Indonesian rupiah to 258.5/259.7 from 259.1/259.7. It also gained slightly against the Philippine peso to 7.39/7.43 from 7.41/7.43. However, it slipped against the Thai baht to 13.1138/1767 from 13.0899/1172. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
The Sun
12 hours ago
- Business
- The Sun
Ringgit strengthens against US dollar amid tariff deadline concerns
KUALA LUMPUR: The ringgit opened firmer against the US dollar on Wednesday, supported by cautious optimism ahead of the looming Aug 1 tariff deadline. At 8.03 am, the local currency strengthened to 4.2195/2375 against the greenback, up from Tuesday's close of 4.2300/2370. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit is likely to trade between RM4.22 and RM4.24 today as markets remain wary of potential tariff impacts. 'Investors are adopting a guarded stance, waiting for clearer signals on trade policies,' he noted. SPI Asset Management managing partner Stephen Innes attributed the ringgit's early gains to shifting macroeconomic conditions. 'The US dollar is under pressure from falling Treasury yields and domestic political concerns, which is benefiting emerging market currencies like the ringgit,' he said. Innes added that the ringgit's rebound reflects more than just a temporary bounce. 'A softer dollar, renewed trade talks, and hopes for tariff relief are creating a favourable environment for the ringgit,' he told Bernama. He also highlighted ongoing negotiations between Malaysia and the US, where Malaysian officials are reportedly seeking a reduced tariff rate of 15–20 per cent, compared to the proposed 25 per cent. Against other major currencies, the ringgit showed mixed performance. It weakened against the Japanese yen to 2.8767/8891 from 2.8690/8739 and dipped versus the euro to 4.9528/9740 from 4.9512/9594. However, it edged higher against the British pound, rising to 5.7052/7295 from 5.7088/7183. Regionally, the ringgit strengthened against the Singapore dollar to 3.3001/3144 from 3.3011/3071 and appreciated against the Indonesian rupiah to 258.5/259.7 from 259.1/259.7. It also gained slightly against the Philippine peso to 7.39/7.43 from 7.41/7.43. However, it slipped against the Thai baht to 13.1138/1767 from 13.0899/1172. - Bernama
Malay Mail
13 hours ago
- Business
- Malay Mail
Ringgit finds footing as US dollar stumbles, hope rises for softer tariffs
KUALA LUMPUR, July 23 — The ringgit edged higher against the US dollar in early trade, driven by cautious market sentiment ahead of the August 1 tariff deadline. At 8.03am, the ringgit rose to 4.2195/2375 against the greenback, compared with Tuesday's close of 4.2300/2370. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit is expected to trade within the RM4.22 to RM4.24 range today, as investors remain guarded over the tariff outlook. Meanwhile, SPI Asset Management managing partner Stephen Innes said the ringgit is opening stronger today as macro crosswinds begin to tilt in its favour, offering a reprieve after weeks of tariff tension and global uncertainty. He said the US dollar was stumbling, weighed down by falling Treasury yields and growing concerns over domestic fallout from Donald Trump's hardline trade stance. He added that the ringgit's strength this morning is not just a fluke bounce but a measured response to a shifting macro narrative. 'A softer dollar, revived trade diplomacy, hope for tariff relief, and a US Federal Reserve under fire have combined to open a temporary window for emerging market currencies. For the ringgit, that window is letting in a welcome breeze,' he told Bernama. Innes said crucially for the ringgit, there is still hope that Malaysia could strike its own deal with Washington to avoid the full weight of the upcoming tariff hike. He noted that Malaysian negotiators were said to be pushing for a lower tariff, targeting a range of 15–20 per cent compared with the proposed 25 per cent, broadly in line with what has been offered to regional peers such as Vietnam and Indonesia. 'The fact that talks are ongoing is enough to support the ringgit, as markets see it as a sign that Malaysia may avoid the harshest penalties,' Innes said. At the opening, the ringgit was mostly weaker against a basket of major currencies. It slipped against the Japanese yen to 2.8767/8891 from 2.8690/8739, and eased versus the euro to 4.9528/9740 from 4.9512/9594. However, the ringgit was slightly higher against the British pound, rising to 5.7052/7295 from 5.7088/7183 at Tuesday's close. The local note was mostly firmer against regional peers. It rose vis-à-vis the Singapore dollar to 3.3001/3144 from 3.3011/3071, and appreciated against the Indonesian rupiah to 258.5/259.7 from 259.1/259.7. It also inched higher against the Philippine peso to 7.39/7.43 from 7.41/7.43. However, the ringgit fell against the Thai baht to 13.1138/1767 from 13.0899/1172. — Bernama
Malay Mail
a day ago
- Business
- Malay Mail
Ringgit edges higher against US dollar ahead of tariff deadline
KUALA LUMPUR, July 22 — The ringgit closed higher against the US dollar on Tuesday, amid a mixed performance in regional currencies, as investors adopted a wait-and-see approach ahead of the United States (US) tariff negotiation deadline, an analyst said. At 6 pm, the ringgit rose to 4.2300/2370 against the greenback, compared with Monday's close of 4.2320/2365. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said there is an impression that the tariff negotiations could extend beyond the Aug 1 deadline. 'Asian currency performance against the US dollar was rather mixed, as the Chinese yuan, Thai baht and Korean won depreciated, while the Indonesian rupiah and the Philippines peso strengthened. 'The ringgit opened on a stronger footing in the morning session, rising to as high as RM4.2273 against the US dollar. However, it hovered around RM4.2325 during the afternoon session,' he told Bernama. Meanwhile, SPI Asset Management managing partner Stephen Innes said the ringgit traded sideways as local traders remained cautious, noting that a negotiated compromise with Washington could pave the way for modest gains, especially if the tariff rate comes in below expectations. 'For now, traders are marking time. But this calm will not last forever. Aug 1 is not just a tariff deadline, it is the next macro landmine on Asia's summer calendar,' he added. At the close, the ringgit traded lower against a basket of major currencies. It dipped against the Japanese yen to 2.8690/8739 from 2.8612/8644, fell against the British pound to 5.7088/7183 from 5.6954/7015 and declined versus the euro to 4.9512/9594 from 4.9277/9330 at Monday's close. The local note also traded mostly lower against most Asean currencies. It depreciated vis-à-vis the Singapore dollar to 3.3011/3071 from 3.2990/3028, weakened against the Thai baht to 13.0899/1172 from 13.0754/0954, and edged down versus the Philippine peso to 7.41/7.43 from 7.40/7.41. The ringgit, however, traded slightly higher against the Indonesian rupiah at 259.1/259.7 from 259.2/259.6. — Bernama
