Latest news with #DrMohdAfzanizam


Malay Mail
04-07-2025
- Business
- Malay Mail
Ringgit holds ground as US jobs data tempers Fed cut expectations
KUALA LUMPUR, July 4 — The ringgit opened marginally higher against the US dollar amidst improving United States (US) economic data, which supported the greenback, said an analyst. At 8 am, the local note rose to 4.2125/2280 against the greenback, from Thursday's close of 4.2195/2255. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit remains well-supported, underpinned by the government's commitment to ongoing fiscal reforms such as the sales and service tax (SST) and RON95 subsidies rationalisation. 'The foreign interest in Malaysian Government Securities (MGS) and Government Investment Issue (GII) has also been quite positive,' he told Bernama. On the dollar performance, Mohd Afzanizam said the US Dollar Index (DXY) rose 0.42 per cent to 97.18 points as the latest jobs report indicates a resilient US labour market. He said the US economy looks resilient, which has led to lower expectations for an interest cut by the US Federal Reserve (Fed). 'The two-year US Treasury note yielded 10 basis points higher to 3.88 per cent,' he told Bernama. At the close, the ringgit traded mostly lower against a basket of major currencies. It advanced against the Japanese yen to 2.9098/9207 from 2.9333/9376, appreciated versus the British pound to 5.7568/7780 from 5.7621/7703, and rose against the euro to 4.9577/9759 from 4.9756/9827 yesterday. The local note also traded higher against its Asean counterparts. It improved vis-à-vis the Singapore dollar to 3.3057/3182 from 3.3146/3196, went up against the Thai baht to 12.9835/13.0421 from 13.0211/0457, and strengthened against the Philippine peso to 7.48/7.52 from 7.50/7.51. However, it was almost flat against the Indonesian rupiah at 260.0/261.1 from 260.5/261.0 at yesterday's close. — Bernama


Malay Mail
02-07-2025
- 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
01-07-2025
- 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
25-06-2025
- Business
- Malay Mail
Ringgit climbs as Fed signals patience on rate cuts
KUALA LUMPUR, June 25 — The ringgit extended its upward momentum to open higher against the US dollar and other major currencies on Wednesday, after the United States (US) Federal Reserve (Fed) signalled it was in no hurry to cut interest rates, opting instead to monitor the economy's trajectory, an analyst said. At 8am, the local note strengthened to 4.2350/2450 versus the greenback, compared with Tuesday's close of 4.2410/2465. The ringgit has gained 5.47 per cent year-to-date. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said Fed chair Jerome Powell's testimony to the US House Financial Services Committee showed policymakers were in no rush to cut the Fed Fund Rate. Consequently, he said, the US Dollar Index (DXY) slipped further to 97.858 points, while Brent crude fell to US$67.14 per barrel. 'If the tone was less hawkish, it would cause bond yields to ease, and lower yields tend to make the US dollar less attractive to investors. 'This should benefit emerging market currencies, including the ringgit,' he told Bernama. He added that the ringgit closed 1.19 per cent higher against the US dollar on Tuesday, settling at RM4.2438. Afzanizam said the ringgit could potentially breach its immediate support level and hover around RM4.23 to RM4.24 today. At the opening, the ringgit traded higher against a basket of major currencies. It strengthened against the Japanese yen to 2.9211/9282 from 2.9256/9296 at Tuesday's close, appreciated versus the British pound to 5.7651/7787 from 5.7707/7782, and rose against the euro to 4.9173/9289 from 4.9225/9289 previously. The local note also traded firmer against its Asean counterparts. It improved against the Singapore dollar to 3.3083/3164 from 3.3130/3178, rose to 12.9701/13.0147 from 12.9793/13.0021 versus the Thai baht, advanced vis-à-vis the Indonesian rupiah to 258.9/259.6 from 259.3/259.7, and gained against the Philippine peso to 7.40/7.43 from 7.41/7.44. — Bernama


Malay Mail
21-06-2025
- Business
- Malay Mail
Analysts: Cautious week ahead for ringgit as markets eye Trump's war call
KUALA LUMPUR, June 21 — The ringgit is expected to stay defensive within a tight range next week, as traders and investors will continue to observe the military conflict in the Middle East, said an analyst. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said that the Israel-Iran war continues to take centre stage as the United States is still weighing its options to participate in the conflict. 'White House spokeswoman Karoline Leavitt indicated that President Donald Trump will make his decision whether or not to go within the next two weeks. The US Dollar Index (DXY) fell 0.22 per cent to 98.691 points. 'Apart from that, Personal Consumption Expenditures (PCE) inflation data for May 2025 will also be released next week. On that note, ringgit could stay within a range of RM4.24 to RM4.25 next week,' he told Bernama. For the week just ended, the ringgit gave up its earlier gains at the beginning of the week as escalating geopolitical concerns spurred demand for the safe-haven US dollar. However, the market showed a slight sign of recovery at the end of the week, as some investors took the opportunity to return to emerging currencies due to the latest White House announcement regarding the ongoing Iran-Israel war. The ringgit ended the week easier against the greenback, closing at 4.2505/2565 on Friday from 4.2435/2480 a week earlier. The local note traded mostly higher against a basket of major currencies. The ringgit rose vis-à-vis the Japanese yen to 2.9245/9289 from 2.9448/9482 at Friday's close, went up against the British pound to 5.7356/7437 from 5.7482/7543 previously, but depreciated versus the euro to 4.9000/9069 from 4.8906/8958 at the end of last week. The ringgit traded mostly higher against Asean currencies. The local note declined against the Singapore dollar to 3.3088/3140 on Friday from 3.3077/3118 in the previous week, advanced versus the Indonesian rupiah to 259.2/259.7 from 260.2/260.6 previously, and strengthened versus the Thai baht to 12.9727/9969 from 13.0807/1018 last week. Meanwhile, the ringgit also rose against the Philippine peso at 7.43/7.45 compared to 7.55/7.56 previously. — Bernama