Latest news with #ringgit
Malay Mail
15 hours ago
- Business
- Malay Mail
Analysts: Ringgit faces choppy waters next week on US tariff uncertainty, Fed watch
KUALA LUMPUR, June 1 — The ringgit is likely to be traded cautiously against the US dollar next week amid ongoing uncertainties surrounding US tariff policy developments, said Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid. This follows 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 ruling, which has briefly restored the tariffs while the appeal process runs its course. Besides that, he said attention will also turn to the upcoming US Federal Reserve's Federal Open Market Committee (FOMC) meeting scheduled for June 16-17. 'Key US economic indicators, particularly labour market data and inflation figures, will be closely watched. 'Important data releases such as nonfarm payrolls, the unemployment rate, and the Institute for Supply Management manufacturing index will serve as critical guidance for investors and traders,' he told Bernama, adding that current data suggests a moderating growth outlook. Hence, Mohd Afzanizam said the FOMC is likely to maintain its interest rate stance, given that tariff-related policies could pose future inflationary risks. Given these developments, he opined that the USD/MYR is expected to remain within the RM4.22–RM4.24 range in the coming week. The ringgit ended the week lower against the US dollar, closing at 4.2530/2605 on Friday from 4.2285/2345 a week earlier. The local note traded lower against a basket of major currencies. The ringgit depreciated versus the euro to 4.8169/8254 at Friday's close from 4.7985/8053 at the end of last week. It also fell vis-à-vis the Japanese yen to 2.9531/9585 from 2.9502/9546 and inched down against the British pound to 5.7284/7385 from 5.7072/7153 a week earlier. However, the ringgit traded mostly higher against ASEAN currencies. The local note improved against the Philippine peso to 7.62/7.64 from 7.65/7.66 a week before, edged up against the Indonesian rupiah to 260.4/261.1 from 260.7/261.1 and strengthened versus the Thai baht to 12.9507/9790 from 12.9744/13.0012 last week. However, it weakened versus the Singapore dollar to 3.2938/3002 on Friday from 3.2891/2940 the previous week. — Bernama
Free Malaysia Today
2 days 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.
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 as markets cheer US court's move against Trump tariffs, delay in Fed cuts
KUALA LUMPUR, May 29 — The ringgit retreated to close lower against the greenback on Thursday as the American dollar rallied after a US trade court blocked most of US President Donald Trump's tariffs on imports into the country. At 6pm, the local note fell to 4.2390/2475 versus the US dollar from Wednesday's close of 4.2215/2275. The US Court of International Trade on Wednesday ruled that Trump was not authorised to invoke emergency economic powers legislation to impose the sweeping global tariffs announced in April. SPI Asset Management managing partner Stephen Innes said markets welcomed the US court decision against Trump, seeing it as potentially good news for the American economy. 'The initial market read is that this could be a net positive for US growth since many had expected the tariffs to weigh on consumption. The sentiment also helped fuel a rally in US equities with Nvidia's blowout earnings boosting investor confidence, leading more people to take risks, stoking demand for US dollars,' he told Bernama. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Federal Reserve's Federal Open Market Committee (FOMC) meeting minutes, which indicated a likely delay in interest rate cuts, also weighed on the ringgit. According to Bloomberg, the FOMC meeting minutes of May 6-7 suggested that policymakers agreed on a cautious approach to monetary policy amid US trade and fiscal uncertainties. At the close, the ringgit traded mostly higher against a basket of major currencies. It rose against the Japanese yen to 2.9188/9249 from Wednesday's close of 2.9271/9315 and gained vis-à-vis the euro to 4.7803/7899 from 4.7838/7906. However, it depreciated against the British pound to 5.7091/7205 from 5.7028/7109 previously. The local note was traded mixed against its Asean peers. It weakened against the Singapore dollar to 3.2853/2921 from 3.2776/2825 on Wednesday and dropped versus the Indonesian rupiah to 259.9/260.5 from 259.0/259.5 previously. It inched up against the Thai baht to 12.9321/9647 from 2.9355/9614 and was flat vis-à-vis the Philippine peso at 7.60/7.62 from 7.60/7.62. — Bernama
Free Malaysia Today
3 days ago
- Business
- Free Malaysia Today
Ringgit ends lower as US tariff court ruling boosts greenback
KUALA LUMPUR : The ringgit retreated to close lower against the greenback today as the US dollar rallied after a trade court blocked most of US President Donald Trump's tariffs on imports into the country. The US court of international trade yesterday ruled that Trump was not authorised to invoke emergency economic powers legislation to impose the sweeping global tariffs announced in April. SPI Asset Management managing partner Stephen Innes said markets welcomed the US court decision against Trump, seeing it as potentially good news for the American economy. 'The initial market read is that this could be a net positive for US growth since many had expected the tariffs to weigh on consumption. 'The sentiment also helped fuel a rally in US equities with Nvidia's blowout earnings boosting investor confidence, leading more people to take risks, stoking demand for US dollars,' he told Bernama. Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the US Federal Reserve's federal open market committee (FOMC) meeting minutes, which indicated a likely delay in interest rate cuts, also weighed on the ringgit. According to Bloomberg, the FOMC meeting minutes of May 6-7 suggested that policymakers agreed on a cautious approach to monetary policy amid US trade and fiscal uncertainties. At 6pm, the local note fell to 4.2390/4.2475 versus the US dollar from yesterday's close of 4.2215/4.2275. At the close, the ringgit traded mostly higher against a basket of major currencies. It rose against the Japanese yen to 2.9188/2.9249 from yesterday's close of 2.9271/2.9315 and gained vis-à-vis the euro to 4.7803/4.7899 from 4.7838/4.7906. However, it depreciated against the British pound to 5.7091/5.7205 from 5.7028/5.7109 previously. The local note was traded mixed against its Asean peers. It weakened against the Singapore dollar to 3.2853/3.2921 from 3.2776/3.2825 yesterday and dropped versus the Indonesian rupiah to 259.9/260.5 from 259/259.5 previously. It inched up against the Thai baht to 12.9321/12.9647 from 12.9355/12.9614 and was flat vis-à-vis the Philippine peso at 7.60/7.62 from 7.60/7.62.
