Latest news with #USdollar
Asharq Al-Awsat
a day ago
- Business
- Asharq Al-Awsat
Gold Falls, US Dollar Strengthens Ahead of Key US Inflation Data
Gold prices fell on Friday as the US dollar ticked higher and investors remained cautious ahead of key US inflation data due later in the day to gauge the Federal Reserve's monetary policy trajectory. Spot gold was down 0.7% at $3,292.28 an ounce as of 1145 GMT. Bullion is down 1.9% so far this week. US gold futures fell 0.8% to $3,290.30. The dollar rose 0.3% and was on track for a weekly gain, making gold costlier for foreign buyers. "The US dollar is up slightly, which could be a source of pressure for gold," said Carsten Menke, analyst at Julius Baer. "Barring a major surprise to the PCE data, I would not expect gold to show a meaningful reaction. That said, the market seems to be a bit more nervous as of late, suggesting that volatility should stay high in the short-term," Menke said. The Personal Consumption Expenditures (PCE) index, the Fed's preferred inflation measure, is due at 1230 GMT. The data is likely to show that inflation rose 2.2% in April, according to economists polled by Reuters, compared with a 2.3% increase in March, Reuters reported. "With US core PCE looming large, there is some hesitance to take new long positions in gold," said Tim Waterer, chief market analyst at KCM Trade. Investors are currently anticipating 50 basis points worth of Fed rate cuts by the end of this year, starting in October. Bullion, which is considered a hedge against economic and geopolitical uncertainty, tends to thrive in a low interest rate environment. Meanwhile, a federal appeals court temporarily reinstated the most sweeping of President Donald Trump's tariffs on Thursday, a day after a US trade court ruled he had exceeded his authority and ordered an immediate block. Spot silver fell 0.6% to $33.14 an ounce, platinum eased 1.2% to $1,068.80 and palladium dropped 0.6% to $967.70.
Free Malaysia Today
a day ago
- Business
- Free Malaysia Today
Ringgit closes lower on market uncertainty
KUALA LUMPUR : The ringgit closed lower against the US dollar today amid renewed market uncertainty after a US federal appeals court granted the White House's request to temporarily pause a lower-court ruling that struck down President Donald Trump's tariffs on imports into the country. Earlier, the US court of international trade had ruled that the tariffs announced by Trump were illegal. However, the Trump administration challenged the trade court ruling, which has briefly restored the tariffs while the appeal process runs its course. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Sedek Jantan said while the legal process unfolds, businesses and markets are left navigating a more complex and uncertain global trade landscape. 'Investors increasingly recognise that markets are now entering a more prolonged period of uncertainty. 'Sentiment has turned more defensive as capital allocators reassess both external developments and domestic dynamics,' he told Bernama. Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said moving forward, market participants will closely monitor the legal trajectory of US tariff policies, which may influence broader market sentiment. At 6pm, the local note decreased to 4.2530/4.2605 versus the greenback from yesterday's close of 4.2390/4.2475. At the close, the ringgit traded lower against a basket of major currencies. It weakened versus the Japanese yen to 2.9531/2.9585 from yesterday's close of 2.9188/2.9249, slipped vis-à-vis the euro to 4.8169/4.8254 from 4.7803/4.7899 and depreciated against the British pound to 5.7284/5.7385 from 5.7091/5.7205 previously. The local note also fell against its Asean peers. It slipped versus the Singapore dollar to 3.2938/3.3002 from 3.2853/3.2921 yesterday and dropped against the Indonesian rupiah to 260.4/261.1 from 259.9/260.5 previously. The ringgit also inched down against the Thai baht to 12.9507/12.9790 from 12.9321/12.9647 and slid vis-à-vis the Philippine peso to 7.62/7.64 from 7.60/7.62.
Zawya
a day ago
- Business
- Zawya
USD/EGP exchange rates edge down at Egyptian banks
Arab Finance: The exchange rate of the US dollar to Egyptian pound retreated on Thursday, hitting EGP 49.71 for purchasing and EGP 49.81 for selling at Banque Misr at 1:24 PM. Likewise, the US dollar recorded EGP 49.71 for buying and EGP 49.81 for selling at the National Bank of Egypt (NBE) at 2:15 pm. At the Commercial International Bank Egypt (CIB), the exchange rate hit EGP 49.7 for purchasing and EGP 49.8 for selling. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Free Malaysia Today
2 days ago
- Business
- Free Malaysia Today
Ringgit gains after US court pauses block on Trump's tariffs
KUALA LUMPUR : The ringgit opened stronger against the US dollar today, boosted by improved investor confidence in emerging market currencies after a US court temporarily halted a decision to block most Trump-era import tariffs, an analyst said. At 8am, the local note surged to 4.2180/4.2485 versus the greenback from Thursday's close of 4.2390/4.2475. Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the US Dollar Index (DXY) fell below the 100-point mark to 99.278 points after the US court of appeals for the federal circuit granted a reprieve from a US court of international trade ruling that would have blocked most Trump-era import tariffs on Wednesday (US time). Additionally, he said US economic data look weaker with Initial Jobless Claims rising more than expected to 240,000 last week against consensus estimates of 229,000 while the Continuous Jobless Claims accelerated to 1.91 million for the week ending May 17 from 1.89 million in the prior week. 'Apart from that, the second estimate for the first quarter of 2025 US gross domestic product (GDP) contracted 0.2% quarter-on-quarter seasonally adjusted annualised rate (SAAR), slightly better than the first estimate of -0.3% but lower than the 2.4% expansion in the previous quarter. 'It appears that the US dollar weakening trend is likely to continue today, benefiting the ringgit,' he added. Afzanizam said traders and investors will be looking at Personal Consumption Expenditure (PCE) inflation data. Consensus is pencilling the headline PCE and Core PCE at a moderate pace of 2.2% and 2.5% in April against 2.3% and 2.6% in the prior month. Therefore, the ringgit is expected to trend higher today, possibly around RM4.21 and RM4.22, owing to a weaker US dollar outlook, he added. At the opening, the ringgit traded mostly higher against a basket of major currencies. It is appreciated against the British pound to 5.6943/5.7355 from 5.7091/5.7205 from Thursday's close and gained vis-à-vis the euro to 4.7992/4.8339 from 4.7803/4.7899 previously. However, the local note declined against the Japanese yen to 2.9349/2.9563 from yesterday's close of 2.9188/2.9249. The local note was traded mostly higher against its Asean peers. It improved against the Singapore dollar to 3.2789/3.3031 from 3.2853/3.2921 on Thursday's close and inched up versus the Indonesian rupiah to 258.6/260.6 from 259.9/260.5 previously. The ringgit advanced vis-à-vis the Philippine peso at 7.56/7.62 from 7.60/7.62 at yesterday's close, but slid against the Thai baht to 12.9565/13.0590 from 12.9321/12.9647 previously.
Malay Mail
3 days ago
- Business
- Malay Mail
Ringgit slips against US dollar as US Fed flags inflation worries
KUALA LUMPUR, May 29 — The ringgit opened lower against the US dollar on Thursday, as expectations dimmed for a near-term rate cut by the US Federal Reserve (Fed), an analyst said. At 8 am, the local note declined to 4.2300/2650 against the greenback from Wednesday's close of 4.2215/2275. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) rose 0.36 per cent to 99.875, after minutes from the Federal Open Market Committee (FOMC) signalled that rising stagflation risks could delay monetary easing this year. 'It appears the Fed is concerned about the risks posed by persistently high inflation, despite weak job growth prospects. 'The impression is that the Fed may be reluctant to cut the federal funds rate to support growth, presenting a policy dilemma, as it must also ensure that inflation remains under control,' he told Bernama. Citing the recent FOMC minutes, Mohd Afzanizam said the risk of a US recession has increased, as uncertainties over trade policies and export restrictions could impede economic activity. Hence, at the upcoming FOMC meeting in June, the Fed staff is expected to release a revised set of macroeconomic forecasts, with a downward adjustment from the March projections appearing likely, he added. At the opening, however, the ringgit traded higher against a basket of major currencies. It rose against the Japanese yen to 2.8998/9240 from Wednesday's close of 2.9271/9315, gained vis-à-vis the euro to 4.7494/7887 from 4.7838/7906, and appreciated against the British pound to 5.6779/7249 from 5.7028/7109. The local note, meanwhile, traded mixed against its ASEAN peers. It strengthened against the Singapore dollar to 3.2674/2950 from 3.2776/2825 on Wednesday, and advanced against the Thai baht to 12.8771/9947 from 12.9355/9614. However, it edged lower versus the Indonesian rupiah to 259.5/261.8 from 259.0/259.5, and declined vis-à-vis the Philippine peso to 7.62/7.69 from 7.60/7.62. — Bernama
