Latest news with #USDMYR
The Star
3 days ago
- Business
- The Star
Ringgit retreats after three days of gains
KUALA LUMPUR: The ringgit closed lower today, snapping three consecutive days of gains as profit-taking emerged, with traders opting to lock in earlier gains. At 6 pm, the local note slipped to 4.2090/2145 from Wednesday's close of 4.2040/2085. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit recorded a sharp rise earlier in the day, reaching as high as 4.1860 during the morning session, before the US dollar-ringgit pair climbed to 4.2088 later in the day. He noted that the USDMYR had crossed the psychological threshold of 4.20, but profit-taking activities may have emerged as traders sought to lock in gains. "At the current juncture, enthusiasm for an interest rate cut by the United States Federal Reserve (Fed) has gained momentum, and it is taking a toll on the US dollar. "The impression that the Fed might be behind the curve in managing the monetary policy could also have contributed to the weakness in the US dollar,' he told Bernama. At the close, the ringgit ended mostly lower against major currencies, except the euro, against which it appreciated to 4.9170/9234 from 4.9305/9357. It fell versus the Japanese yen to 2.8703/8742 from Wednesday's close of 2.8554/8586 and decreased vis-a-vis the British pound to 5.7146/7220 from 5.7078/7139. The ringgit traded mostly higher against regional peers. It strengthened versus the Singapore dollar to 3.2849/2895 from 3.2864/2902 at yesterday's close, rose versus the Thai baht to 13.0004/0238 from 13.0276/0476, and was higher against the Philippine peso to 7.39/7.41 from 7.41/7.42. However, the local note depreciated against the Indonesian rupiah to 261.1/261.6 from 259.4/259.8. - Bernama
Barnama
3 days ago
- Business
- Barnama
Ringgit Retreats After Three Days Of Gains
KUALA LUMPUR, Aug 14 (Bernama) -- The ringgit closed lower today, snapping three consecutive days of gains as profit-taking emerged, with traders opting to lock in earlier gains. At 6 pm, the local note slipped to 4.2090/2145 from Wednesday's close of 4.2040/2085. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit recorded a sharp rise earlier in the day, reaching as high as 4.1860 during the morning session, before the US dollar–ringgit pair climbed to 4.2088 later in the day. He noted that the USDMYR had crossed the psychological threshold of 4.20, but profit-taking activities may have emerged as traders sought to lock in gains. 'At the current juncture, enthusiasm for an interest rate cut by the United States Federal Reserve (Fed) has gained momentum, and it is taking a toll on the US dollar. 'The impression that the Fed might be behind the curve in managing the monetary policy could also have contributed to the weakness in the US dollar,' he told Bernama. At the close, the ringgit ended mostly lower against major currencies, except the euro, against which it appreciated to 4.9170/9234 from 4.9305/9357. It fell versus the Japanese yen to 2.8703/8742 from Wednesday's close of 2.8554/8586 and decreased vis-a-vis the British pound to 5.7146/7220 from 5.7078/7139. The ringgit traded mostly higher against regional peers.
BusinessToday
19-07-2025
- Business
- BusinessToday
Ringgit's Notable Resilience
The Malaysian Ringgit has demonstrated notable resilience, holding steady around 4.24-4.25 against the US Dollar (USD), even as the US Dollar Index (DXY) climbed above 98.0. This stability comes despite heightened global risk aversion triggered by a confluence of factors, including potential new US tariffs and shifting expectations for Federal Reserve interest rate cuts. Earlier this week, the DXY extended its gains following reports of potential 30.0% US import tariffs on goods from the European Union and Mexico, sparking fears of escalating trade tensions. Further bolstering the USD, a hotter-than-expected US Consumer Price Index (CPI) print on Monday led markets to significantly pare back expectations for a September Fed rate cut, now assigning only a 50.0% chance. Despite some positive external indicators, such as China's stronger-than-expected second-quarter 2025 GDP growth and Nvidia's resumption of AI chip sales to China, overall risk sentiment remained cautious post-CPI. A softer US Producer Price Index (PPI) print later in the week also did little to alter the market's now less dovish view on Fed policy. Analysts at Kenanga Research are now turning their focus to an upcoming speech by Fed Chair Jerome Powell. Any hawkish tone from Powell could further reinforce USD strength and dampen global risk appetite, potentially impacting emerging market currencies like the Ringgit. Beyond US economic data, geopolitical focus remains squarely on the US-EU trade tensions. While risks of escalation persist, market observers anticipate a more constructive outcome, which could help restore confidence and provide modest support to risk-on currencies. Despite the latest inflation data cooling near-term expectations for a September rate cut, some economists maintain their call for 25 basis point cuts in both September and December, citing a gradual softening in the US labour market. Domestically, the Ringgit continues to find support from improving Malaysian fundamentals, rising Foreign Direct Investment (FDI) inflows, and ongoing infrastructure catalysts, including the resumption of the MRT3 project. In the near term, the house views the USDMYR to trade within a narrow range of 4.23–4.25. Technically, the USDMYR continues to hover near its 5-day Exponential Moving Average of 4.25, with immediate support identified at 4.24 and resistance at 4.25. Related
Malaysian Reserve
09-06-2025
- Business
- Malaysian Reserve
Ringgit opens lower vs greenback amid challenging global economy
THE ringgit opened lower against the US dollar on Monday as the greenback strengthened amid renewed volatility from a challenging global economy outlook for the second half of 2025. At 8.03 am, the local note stood at 4.2375/2560 against the greenback, easing from Friday's close of 4.2270/2360. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit is expected to range between 4.23 and 4.24 today, following the stronger-than-expected United States (US) nonfarm payroll (NFP) data for May. He highlighted that the US NFP rose 139,000 in May, higher than the consensus estimate of 126,000, while the unemployment rate was sustained at 4.2 per cent for three consecutive months, pushing the US dollar index (DXY) higher on Friday to 99.190 points. 'The latest NFP print seems to suggest that the labour market in the US is still fairly resilient despite having to contend with higher tariffs,' he told Bernama. Nonetheless, Mohd Afzanizam said, April's NFP was revised lower to 147,000 from 177,000, and the US labour force participation rate declined to 62.4 per cent in May from 62.6 per cent in April. 'On that note, while the labour market is still chugging along, signs of further moderation in the data series have been gradually emerging. 'As business and consumer sentiments remain weak, the outlook for the second half of 2025 economy looks increasingly challenging. Hence, the case for a lower US Federal Fund Rate is gaining momentum in our view,' he added. He noted that the ringgit has gained against the greenback, with USDMYR closing at 4.2315, giving a week-on-week appreciation of 0.6 per cent last week. At the early session, the ringgit traded mostly lower against a basket of major currencies. It slightly increased against the Japanese yen to 2.9305/9435 from Friday's 2.9324/9390, but depreciated versus the British pound to 5.7367/7618 from 5.7212/7334 and eased vis-a-vis the euro to 4.8341/8552 from 4.8268/8371. The local currency also traded mostly lower against most of its ASEAN peers. It rose versus the Thai baht to 12.9468/13.0121 from 12.9599/9947 at Friday's close, while the ringgit decreased against the Singapore dollar to 3.2892/3041 from 3.2862/2934, dropped against the Philippine peso to 7.60/7.64 from 7.58/7.60 and fell against the Indonesian rupiah to 260.1/261.4 from 259.5/260.2. — BERNAMA
The Star
09-06-2025
- Business
- The Star
Ringgit opens lower vs greenback amid challenging global economy
KUALA LUMPUR: The ringgit opened lower against the US dollar on Monday as the greenback strengthened amid renewed volatility from a challenging global economy outlook for the second half of 2025. At 8.03 am, the local note stood at 4.2375/2560 against the greenback, easing from Friday's close of 4.2270/2360. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit is expected to range between 4.23 and 4.24 today, following the stronger-than-expected United States (US) nonfarm payroll (NFP) data for May. He highlighted that the US NFP rose 139,000 in May, higher than the consensus estimate of 126,000, while the unemployment rate was sustained at 4.2 per cent for three consecutive months, pushing the US dollar index (DXY) higher on Friday to 99.190 points. "The latest NFP print seems to suggest that the labour market in the US is still fairly resilient despite having to contend with higher tariffs,' he told Bernama. Nonetheless, Mohd Afzanizam said, April's NFP was revised lower to 147,000 from 177,000, and the US labour force participation rate declined to 62.4 per cent in May from 62.6 per cent in April. "On that note, while the labour market is still chugging along, signs of further moderation in the data series have been gradually emerging. "As business and consumer sentiments remain weak, the outlook for the second half of 2025 economy looks increasingly challenging. Hence, the case for a lower US Federal Fund Rate is gaining momentum in our view,' he added. He noted that the ringgit has gained against the greenback, with USDMYR closing at 4.2315, giving a week-on-week appreciation of 0.6 per cent last week. At the early session, the ringgit traded mostly lower against a basket of major currencies. It slightly increased against the Japanese yen to 2.9305/9435 from Friday's 2.9324/9390, but depreciated versus the British pound to 5.7367/7618 from 5.7212/7334 and eased vis-a-vis the euro to 4.8341/8552 from 4.8268/8371. The local currency also traded mostly lower against most of its ASEAN peers. It rose versus the Thai baht to 12.9468/13.0121 from 12.9599/9947 at Friday's close, while the ringgit decreased against the Singapore dollar to 3.2892/3041 from 3.2862/2934, dropped against the Philippine peso to 7.60/7.64 from 7.58/7.60 and fell against the Indonesian rupiah to 260.1/261.4 from 259.5/260.2. - Bernama
