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New Straits Times
2 days ago
- Business
- New Straits Times
Ringgit opens higher against greenback amid weaker US economic data
KUALA LUMPU: The ringgit opens marginally higher against the US dollar on Thursday, amid weaker-than-expected United States (US) economic data and tariff uncertainties, an analyst said. At 8 am, the local note inched up to 4.2410/2495 versus the greenback from Wednesday's close of 4.2435/2490. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) was down by 0.44 per cent to 98.787 points, as economic indicators surprised on the downside. He said the US Institute for Supply Management (ISM) Index for the services sector fell below the 50-point demarcation line to 49.9 in May, defying consensus estimates of 52.0 points. "Based on the survey response by the ISM, import tariff was the major source of uncertainties among businesses as it has raised the raw material prices, and some suppliers are holding back inventory given the tariff uncertainties. "This may lead to stronger emerging market currencies, including as the traders and investors would be reassessing the strength of the US economy, and therefore, Friday's Nonfarm Payroll will be another important barometer to look at," he told Bernama. He also noted that the upcoming Federal Open Market Committee meeting on June 16-17 would be another critical milestone, as the US Federal Reserve staff will issue their latest macroeconomic forecast for the next three years. At the opening, the ringgit traded lower against a basket of major currencies. It slid against the Japanese yen to 2.9705/9767 from Wednesday's close of 2.9444/9486, fell vis-a-vis the euro to 4.8428/8525 from 4.8300/8362, and depreciated against the British pound to 5.7466/7581 from 5.7427/7502 previously. The local note also traded mostly lower against its ASEAN peers. It traded flat versus the Philippine peso at 7.60/7.62, unchanged from its close on Wednesday. However, the ringgit declined against the Singapore dollar to 3.2973/304 from 3.2906/2951 on yesterday's close, weakened versus the Thai baht to 13.0132/0493 from 12.9679/9911, and eased versus the Indonesian rupiah at 260.2/260.8 compared to 260.4/260.8 previously.
BusinessToday
2 days ago
- Business
- BusinessToday
Ringgit Inches Up Amid Weak US Data, But Mixed Against Other Currencies
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) fell by 0.44% to 98.787 points following weaker-than-expected economic indicators. He noted that the US Institute for Supply Management (ISM) Index for the services sector dipped below the critical 50-point line to 49.9 in May, against a market consensus of 52.0 points. 'Based on the survey response by the ISM, import tariff was the major source of uncertainties among businesses as it has raised the raw material prices, and some suppliers are holding back inventory given the tariff uncertainties. 'This may lead to stronger emerging market currencies, including as the traders and investors would be reassessing the strength of the US economy, and therefore, Friday's Nonfarm Payroll will be another important barometer to look at,' he told local media. He also pointed out that the upcoming Federal Open Market Committee (FOMC) meeting on 16-17 June will be a key moment, with the US Federal Reserve expected to release its macroeconomic outlook for the next three years. At 8am, the ringgit strengthened marginally to 4.2410/2495 against the US dollar, compared to Wednesday's close of 4.2435/2490. Despite the slight uptick against the greenback, the local note weakened against several major currencies. It slipped against the Japanese yen to 2.9705/9767 from 2.9444/9486, the euro to 4.8428/8525 from 4.8300/8362, and the British pound to 5.7466/7581 from 5.7427/7502. The ringgit also traded lower against several ASEAN currencies. It was unchanged against the Philippine peso at 7.60/7.62. However, it declined against the Singapore dollar to 3.2973/3040 from 3.2906/2951, the Thai baht to 13.0132/0493 from 12.9679/9911, and eased against the Indonesian rupiah to 260.2/260.8 from 260.4/260.8. Related
Malaysian Reserve
3 days ago
- Business
- Malaysian Reserve
Ringgit eases marginally against greenback after stronger US economic data
KUALA LUMPUR — The ringgit eased against the greenback at the close on Wednesday after the United States posted stronger economic data. At 6 pm, the local note edged lower to 4.2435/2490 versus the US dollar from Tuesday's close of 4.2425/2485. Bank Muamalat Malaysia Bhd's chief economist, Dr. Mohd Afzanizam Abdul Rashid, said stronger-than-expected US job openings in April lifted optimism about the American economy's resilience and helped lift the dollar. US job openings rose 191,000 to 7.391 million by the last day of April, beating a forecast of 7.10 million vacancies. '(Another) data point will be released in the United States (later tonight). The US Institute for Supply Management (ISM) Index for the services sector is expected to rise to 52 points in May from 51.6 points in April based on consensus estimates. Having said that, the US Dollar Index (DXY) continues to hover below 100 points. Currently, the DXY index is lingering around 99.145 points, down 0.08 per cent from the previous close,' he told Bernama. SPI Asset Management managing partner Stephen Innes said traders were increasing interest in US assets, easing short term pressure on the dollar as expectations for interest rates shifted slightly. 'Meanwhile, there are quiet signs from Shanghai, via the US Chamber of Commerce president, that China may be starting to relax restrictions on rare earth exports. This has led markets to hope that a call between US President Donald Trump and Chinese President Xi Jinping could lead to a small breakthrough, or at least a longer pause in the current trade tensions,' he said. At the close, the ringgit traded mostly higher against a basket of major currencies. It rose against the Japanese yen to 2.9444/9486 from Tuesday's close of 2.9695/9739, gained vis-à-vis the euro to 4.8300/8362 from 4.8415/8484, but depreciated against the British pound to 5.7427/7502 from 5.7337/7418 previously. The local note also traded mostly higher against its ASEAN peers. It appreciated against the Singapore dollar to 3.2906/2951 from 3.2967/3016 on Tuesday, advanced versus the Thai baht to 12.9679/9911 from 13.0334/0603 and edged higher vis-a-vis the Philippine peso to 7.60/7.62 from 7.61/7.63. However, it traded slightly lower versus the Indonesian rupiah at 260.4/260.8 compared to 260.1/260.6 on Tuesday. — BERNAMA
The Star
3 days ago
- Business
- The Star
Ringgit eases marginally against greenback after stronger US economic data
KUALA LUMPUR: The ringgit eased against the greenback at the close on Wednesday after the United States posted stronger economic data. At 6 pm, the local note edged lower to 4.2435/2490 versus the US dollar from Tuesday's close of 4.2425/2485. Bank Muamalat Malaysia Bhd's chief economist, Dr. Mohd Afzanizam Abdul Rashid, said stronger-than-expected US job openings in April lifted optimism about the American economy's resilience and helped lift the dollar. US job openings rose 191,000 to 7.391 million by the last day of April, beating a forecast of 7.10 million vacancies. "(Another) data point will be released in the United States (later tonight). The US Institute for Supply Management (ISM) Index for the services sector is expected to rise to 52 points in May from 51.6 points in April based on consensus estimates. Having said that, the US Dollar Index (DXY) continues to hover below 100 points. Currently, the DXY index is lingering around 99.145 points, down 0.08 per cent from the previous close,' he told Bernama. SPI Asset Management managing partner Stephen Innes said traders were increasing interest in US assets, easing short term pressure on the dollar as expectations for interest rates shifted slightly. "Meanwhile, there are quiet signs from Shanghai, via the US Chamber of Commerce president, that China may be starting to relax restrictions on rare earth exports. This has led markets to hope that a call between US President Donald Trump and Chinese President Xi Jinping could lead to a small breakthrough, or at least a longer pause in the current trade tensions,' he said. At the close, the ringgit traded mostly higher against a basket of major currencies. It rose against the Japanese yen to 2.9444/9486 from Tuesday's close of 2.9695/9739, gained vis-à-vis the euro to 4.8300/8362 from 4.8415/8484, but depreciated against the British pound to 5.7427/7502 from 5.7337/7418 previously. The local note also traded mostly higher against its ASEAN peers. It appreciated against the Singapore dollar to 3.2906/2951 from 3.2967/3016 on Tuesday, advanced versus the Thai baht to 12.9679/9911 from 13.0334/0603 and edged higher vis-a-vis the Philippine peso to 7.60/7.62 from 7.61/7.63. However, it traded slightly lower versus the Indonesian rupiah at 260.4/260.8 compared to 260.1/260.6 on Tuesday. - Bernama
The Star
3 days ago
- Business
- The Star
Ringgit strengthens against greenback as Trump administration pushes disruptive trade policies
KUALA LUMPUR: The ringgit continued to strengthen against the US dollar on Wednesday, as the US economy is perceived as fragile amid the Trump administration's continued push for disruptive trade policies. At 8 am, the local note inched higher to 4.2370/2640 versus the greenback from Tuesday's close of 4.2425/2485. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit is expected to remain strong as the US economy is still seen as fragile, according to survey data such as the US Institute for Supply Management (ISM) Index and Consumer Sentiment Index. "The data indicates business and consumers have become more cautious in their spending going forward as the Trump administration pushes forward their agenda on trade policies that are hostile and disruptive to global supply chains," he told Bernama. Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd's head of investment research, Mohd Sedek Jantan, said the US dollar index (DXY) climbed to 99.2 from 98.9. "Improved US labour data is lending support to the greenback. Job openings rose to 7.4 million in April, exceeding forecasts of 7.1 million. "Wage growth is expected to continue outstripping inflation on average, which should underpin consumer spending and broader economic momentum," he said. Mohd Sedek said greater clarity on the US labour market will come with Friday's nonfarm payrolls report. At the opening, the ringgit traded higher against a basket of major currencies. It rose against the Japanese yen to 2.9456/9646 from Tuesday's close of 2.9695/9739, climbed vis-à-vis the euro to 4.8234/8541 from 4.8415/8484, and inched up against the British pound to 5.7331/7696 from 5.7337/7418 previously. Against its ASEAN peers, the ringgit rose against the Singapore dollar to 3.2868/3082 from 3.2967/3016 on Tuesday's close and improved vis-à-vis the Thai baht to 12.9786/13.0777 from 13.0334/0603 previously. It was slightly higher versus the Indonesian rupiah, at 259.7/261.5, compared to 260.1/260.6 on yesterday's close, and gained against the Philippine peso to 7.60/7.66 from 7.61/7.63 previously. - Bernama
