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New Straits Times
5 days ago
- Business
- New Straits Times
Ringgit ends higher ahead of Fed comments
KUALA LUMPUR: The ringgit closed higher against the US dollar as investors took advantage of the greenback's weakness ahead of comments from United States (US) Federal Reserve (Fed) officials tonight, said an analyst. At 6pm, the local note rose to 4.2235/2305 against the greenback from Tuesday's close of 4.2260/2310. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid told Bernama that the comments from Fed officials will shape traders' and investors' expectations for an interest rate cut in September. "Thus far, US data points such as nonfarm payrolls and the Institute for Supply Management index have been supportive of a rate cut. A mixed view among the Fed officials could support the US dollar, albeit momentarily," he said. A series of Fed speakers -- San Francisco Fed President Mary Daly, Boston Fed President Susan Collins, and Fed Governor Lisa Cook -- will be speaking to the public later in the day to shed more light on the future direction of US interest rates. Meanwhile, the ringgit ended mostly lower against major currencies at today's close, except for the Japanese yen. The ringgit gained against the yen to 2.8570/8619 from 2.8618/8654 at the close on Tuesday; however, it inched down versus the British pound to 5.6160/6253 from 5.6159/6226, and the euro to 4.8929/9010 from 4.8772/8830 previously. The ringgit also trended mostly lower against regional peers. It strengthened against the Thai baht to 13.0291/0567 from 13.0408/0627, but dropped against the Singapore dollar to 3.2806/2863 from 3.2793/2834, reduced against the Indonesian rupiah to 258.1/258.6 from 257.8/258.2 and eased against the Philippine peso to 7.34/7.36 from 7.33/7.34 previously.
The Star
5 days ago
- Business
- The Star
Ringgit ends higher ahead of Fed comments
KUALA LUMPUR: The ringgit closed higher against the US dollar as investors took advantage of the greenback's weakness ahead of comments from United States (US) Federal Reserve (Fed) officials tonight, said an analyst. At 6 pm, the local note rose to 4.2235/2305 against the greenback from Tuesday's close of 4.2260/2310. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid told Bernama that the comments from Fed officials will shape traders' and investors' expectations for an interest rate cut in September. "Thus far, US data points such as nonfarm payrolls and the Institute for Supply Management index have been supportive of a rate cut. A mixed view among the Fed officials could support the US dollar, albeit momentarily,' he said. A series of Fed speakers -- San Francisco Fed President Mary Daly, Boston Fed President Susan Collins, and Fed Governor Lisa Cook -- will be speaking to the public later in the day to shed more light on the future direction of US interest rates. Meanwhile, the ringgit ended mostly lower against major currencies at today's close, except for the Japanese yen. The ringgit gained against the yen to 2.8570/8619 from 2.8618/8654 at the close on Tuesday; however, it inched down versus the British pound to 5.6160/6253 from 5.6159/6226, and the euro to 4.8929/9010 from 4.8772/8830 previously. The ringgit also trended mostly lower against regional peers. It strengthened against the Thai baht to 13.0291/0567 from 13.0408/0627, but dropped against the Singapore dollar to 3.2806/2863 from 3.2793/2834, reduced against the Indonesian rupiah to 258.1/258.6 from 257.8/258.2 and eased against the Philippine peso to 7.34/7.36 from 7.33/7.34 previously. - Bernama
The Sun
25-06-2025
- Business
- The Sun
Ringgit extends gains as Fed signals rate hold
KUALA LUMPUR: The ringgit extended its upward momentum to open higher against the US dollar and other major currencies on Wednesday, after the United States (US) Federal Reserve (Fed) signalled it was in no hurry to cut interest rates, opting instead to monitor the economy's trajectory, an analyst said. At 8 am, the local note strengthened to 4.2350/2450 versus the greenback, compared with Tuesday's close of 4.2410/2465. The ringgit has gained 5.47 per cent year-to-date. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said Fed chair Jerome Powell's testimony to the US House Financial Services Committee showed policymakers were in no rush to cut the Fed Fund Rate. Consequently, he said, the US Dollar Index (DXY) slipped further to 97.858 points, while Brent crude fell to US$67.14 per barrel. 'If the tone was less hawkish, it would cause bond yields to ease, and lower yields tend to make the US dollar less attractive to investors. 'This should benefit emerging market currencies, including the ringgit,' he told Bernama. He added that the ringgit closed 1.19 per cent higher against the US dollar on Tuesday, settling at RM4.2438. Afzanizam said the ringgit could potentially breach its immediate support level and hover around RM4.23 to RM4.24 today. At the opening, the ringgit traded higher against a basket of major currencies. It strengthened against the Japanese yen to 2.9211/9282 from 2.9256/9296 at Tuesday's close, appreciated versus the British pound to 5.7651/7787 from 5.7707/7782, and rose against the euro to 4.9173/9289 from 4.9225/9289 previously. The local note also traded firmer against its ASEAN counterparts. It improved against the Singapore dollar to 3.3083/3164 from 3.3130/3178, rose to 12.9701/13.0147 from 12.9793/13.0021 versus the Thai baht, advanced vis-à-vis the Indonesian rupiah to 258.9/259.6 from 259.3/259.7, and gained against the Philippine peso to 7.40/7.43 from 7.41/7.44.
