Latest news with #BankMuamalat
Malay Mail
20 hours ago
- Business
- Malay Mail
Ringgit climbs as US dollar slips on fiscal jitters
KUALA LUMPUR, July 2 — The ringgit opened stronger against the US dollar on Wednesday, supported by continued weakness in the greenback as fiscal uncertainties and tariff risks in the United States weighed on sentiment, an analyst said. At 8am, the local note stood at 4.1870/2065 versus the greenback, up from Tuesday's close of 4.1995/2005. Meanwhile, the US Dollar Index (DXY) extended its decline, easing to 96.819. Bank Muamalat Malaysia Bhd's chief economist, Dr Mohd Afzanizam Abdul Rashid, said the dollar's softness reflected ongoing concerns over US fiscal policy, including tariff measures and planned government spending cuts. 'Tax reductions and potential cuts in social spending could undermine US growth prospects,' he told Bernama. At the open, the ringgit was higher against a basket of major currencies. It firmed against the Japanese yen to 2.9186/9324 from 2.9351/9389, strengthened versus the British pound to 5.7555/7823 from 5.7797/7866, and appreciated against the euro to 4.9423/9654 from 4.9566/9625. The local note also advanced against most Asean currencies. It was marginally higher against the Indonesian rupiah at 258.4/259.7 from 258.9/259.4 and gained on the Philippine peso to 7.43/7.47 from 7.45/7.46. It improved vis-à-vis the Singapore dollar to 3.2899/3057 from 3.3015/3059 and strengthened against the Thai baht to 12.8930/9630 from 12.9363/9585. — Bernama
Malay Mail
2 days ago
- Business
- Malay Mail
Ringgit strengthens further as weak US dollar, Fed speculation lift sentiment
KUALA LUMPUR, July 1 — The ringgit extended its upward trend at Tuesday's open, buoyed by persistent weakness in the US dollar. At 8.01am, the local currency strengthened to 4.1955/2160 against the greenback from Monday's close of 4.2060/2130. The US Dollar Index (DXY) slipped further to 96.875 as investors awaited key economic data, with the 90-day pause period approaching its end. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the yields on two- and 10-year US Treasury notes declined by one and five basis points, respectively, as expectations grew that the US Federal Reserve (Fed) may ease monetary policy in the second half of the year. 'President Trump continues to assert on social media that interest rates should be lowered. This reinforces the view that the next Fed chair may adopt a more dovish stance,' he told Bernama. Meanwhile, Brent crude slipped 0.24 per cent to US$67.61 (RM283) per barrel. Market attention is on the upcoming Opec+ meeting on Sunday, where member countries are expected to raise output quotas to reclaim market share. At the open, the ringgit was mixed against major currencies but mostly higher versus its Asean peers. It weakened against the Japanese yen to 2.9190/9335 from 2.9156/9206, slipped versus the British pound to 5.7617/7898 from 5.7597/7693, and eased against the euro to 4.9457/9698 from 4.9290/9372. The ringgit also depreciated against the Singapore dollar to 3.3009/3176 from 3.2986/3034, but gained on the Thai baht at 12.9331/13.0059 from 12.9356/9627, strengthened against the Indonesian rupiah to 258.3/259.7 from 259.0/259.5, and firmed against the Philippine peso to 7.44/7.49 from 7.46/7.48. — Bernama
Malay Mail
3 days ago
- Business
- Malay Mail
Ringgit firms up as weaker US dollar, Senate budget plans weigh on greenback
KUALA LUMPUR, June 30 — The ringgit extended last week's gains, opening stronger against the US dollar and a basket of major currencies, and supported by a softer US Dollar Index (DXY) amid expectations of tax and spending cuts being deliberated in the United States' Senate. At 8.01am, the ringgit rose to 4.2190/2365 against the US dollar from Thursday's close of 4.2300/2355. The US DXY is currently hovering at 97.151 points, down by 0.26 per cent from the previous close. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Senate is currently considering passing tax cut measures, reducing Medicaid spending and lowering subsidies on clean energy. 'All this is expected to raise fiscal deficits and US govt debt level, with the Congressional Budget Office (CBO) projecting the bill would increase the deficits by nearly US$3.3 trillion from the year 2025 to 2034, while 11.8 million Americans would become uninsured by 2034,' he told Bernama. The deadline for the bill is set for July 4, 2025. Mohd Afzanizam said the US government credit matrix would be weakened, which could add further pressure on the value of the US dollar. 'Ringgit has gained 0.1 per cent to RM4.2327 on Thursday. We opined that the ringgit will continue to gain strength against the US dollar and would hover around RM4.22 to RM4.23,' he said. At the opening, the ringgit traded higher against a basket of major currencies and ASEAN countries. It appreciated against the Japanese yen to 2.9185/9308 from 2.9359/9399, increased versus the British pound to 5.7876/8116 from 5.8141/8217 and improved against the euro to 4.9472/9677 from 4.9597/9661 last Thursday. Against its Asean peers, the ringgit rose vis-à-vis the Singapore dollar to 3.3067/3207 from 3.3192/3240 and gained against the Thai baht to 12.9179/9795 from 13.0254/0488 at Thursday's close. It is marginally higher against the Indonesian rupiah at 260.4/261.7 from 260.9/261.4 and inched up against the Philippine peso to 7.46/7.50 from 7.47/7.49 previously. — Bernama
Malay Mail
4 days ago
- Business
- Malay Mail
Ringgit seen gaining ground next week as US jobs data shapes Fed bets
KUALA LUMPUR, June 29 — The ringgit is expected to trade firmer next week following the US labour market data, an analyst said. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said investors would pay attention on two key developments, namely the Nonfarm Payrolls (NFP) and the unemployment rate — and the expiry of the 90-day pause on US tariff implementation. 'The labour market data will be pivotal in shaping expectations for the US Federal Reserve's policy direction, with greater emphasis likely to shift towards supporting maximum employment 'With signs of a softening global and US economy emerging, investor sentiment is expected to remain cautious heading into the second half of 2025,' he told Bernama. Mohd Afzanizam said the US job market is showing moderation, with the monthly average NFP standing at 123,800 in the first five months of 2025, down from 179,600 in the same period last year. The unemployment rate had risen from 4.0 per cent in January to 4.2 per cent in March this year, he added. On the currency front, he said the ringgit has shown resilience this week, rebounding from RM4.2948 against the US dollar on June 23 to RM4.2327 on June 26, marking a 1.5 per cent appreciation. 'With the US Dollar Index (DXY) on a softer trajectory, we anticipate the ringgit could trade firmer around RM4.22 to RM4.23 in the coming week,' he said. The ringgit ended the week higher against the greenback, closing at 4.2300/2355 on Thursday from 4.2505/2565 last Friday. The local note traded lower against a basket of major currencies. The ringgit depreciated vis-à-vis the Japanese yen to 2.9359/9399 from 2.9245/9289 at last Friday's close, shed against the British pound to 5.8141/8217 from 5.7356/7437 previously, and slid versus the euro to 4.9597/9661 from 4.9000/9069 at the end of last week. The ringgit also traded lower against Asean currencies. The local note dropped against the Singapore dollar to 3.3192/3240 on Thursday from 3.3088/3140 last Friday, and weakened versus the Thai baht to 13.0254/0488 from 12.9727/9969 last week. It fell versus the Indonesian rupiah to 260.9/261.4 on Thursday from 259.2/259.7 last Friday and was marginally lower against the Philippine peso at 7.47/7.49 compared to 7.43/7.45 previously. The market was closed on Friday for the Maal Hijrah public holiday. — Bernama
Free Malaysia Today
6 days ago
- Business
- Free Malaysia Today
Ringgit climbs as Trump ramps up pressure on Fed to cut interest rates
KUALA LUMPUR : The ringgit extended its gains against the greenback at the close yesterday, as US president Donald Trump ramped up pressure on the US Federal Reserve (Fed) to cut interest rates. It has been reported that Trump is considering naming a new Fed chairman early, a move seen as undermining the current chairman, Jerome Powell, who has been reluctant to cut interest rates as demanded by the US president. Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said news of Trump's intention for an early Fed chair appointment caused the US Dollar Index (DXY) to fall 0.60% to 97.093 points. 'It remains to be seen how this can be made possible as the current chairman's term will end in May next year. 'Despite that, the underlying tone is about pressing the Fed to lower the Fed funds rate as soon as possible,' he told Bernama. At 6pm, the local currency inched up to 4.2300/4.2355 versus the greenback from yesterday's close of 4.2335/4.2405. The ringgit traded lower against a basket of major currencies and Asean countries. It depreciated against the Japanese yen to 2.9359/2.9399 from 2.9070/2.9120, slid versus the British pound to 5.8141/5.8217 from 5.7631/5.7726, and slid against the euro to 4.9597/4.9661 from 4.9113/4.9194 yesterday. Against its Asean peers, the ringgit declined vis-à-vis the Singapore dollar to 3.3192/3.3240 from 3.3061/3.3121, and dipped against the Thai baht to 13.0254/13.0488 from 12.9584/12.9858 at yesterday's close. It eased against the Indonesian rupiah to 260.9/261.4 from 259.7/260.2, and slipped against the Philippine peso to 7.47/7.49 from 7.46/7.48, previously.
