Latest news with #EngkuSharifulAzni
Barnama
2 days ago
- Business
- Barnama
Ringgit To Trade Firmer Against US Dollar Next Week, Ahead Of Us Labour Data
WORLD By Engku Shariful Azni Engku Ab Latif KUALA LUMPUR, June 28 (Bernama) -- 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.
Barnama
4 days ago
- Business
- Barnama
Ringgit Climbs As Trump Ramps Up Pressure On Fed To Cut Interest Rates
Ringgit Climbs As Trump Ramps Up Pressure On Fed To Cut Interest Rates By Engku Shariful Azni Engku Ab Latif KUALA LUMPUR, June 26 (Bernama) -- The ringgit extended its gains against the greenback at the close on Wednesday, 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. At 6 pm, the local note inched up to 4.2300/2355 versus the greenback from Wednesday's close of 4.2335/2405. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said news of Trump's intention to name the next Fed chair early caused the US Dollar Index (DXY) to fall 0.60 per cent 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 the close, the ringgit traded lower against a basket of major currencies and ASEAN countries. It depreciated against the Japanese yen to 2.9359/9399 from 2.9070/9120, slid versus the British pound to 5.8141/8217 from 5.7631/7726, and slid against the euro to 4.9597/9661 from 4.9113/9194 yesterday. Against its ASEAN peers, the ringgit declined vis-à-vis the Singapore dollar to 3.3192/3240 from 3.3061/3121, and dipped against the Thai baht to 13.0254/0488 from 12.9584/9858 at Wednesday'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. -- BERNAMA
Barnama
24-06-2025
- Business
- Barnama
Ringgit Closes Lower Against US Dollar Amid Mideast Uncertainty
By Engku Shariful Azni Engku Ab Latif KUALA LUMPUR, June 23 (Bernama) -- The ringgit closed lower against the greenback on Monday as US involvement in the war between Israel and Iran spurred demand for safe haven assets like the American dollar, an analyst said. The United States bombed Iran's nuclear facilities on Sunday. At 6 pm, the local note slid to 4.2915/2980 versus the greenback from last Friday's close of 4.2505/2565. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that the US Dollar Index (DXY) was 0.25 per cent higher at 98.958 points as heightened geopolitical risks in the Middle East have led to cautious sentiments among traders. He said Brent crude prices stayed elevated as the Iranian parliament approved a measure to close the Strait of Hormuz, which will disrupt oil supplies from the Middle East if the closure actually happens, but ultimately, the decision will come down to Iran's top leaders. At the time of writing, the Brent crude oil price rose 0.77 per cent to US$77.48 per barrel. "Immediately, traders and investors are observing the dynamics of the Israel-Iran standoff and whether it would escalate into a new trajectory," he told Bernama. At the close, the ringgit traded mostly lower against a basket of major currencies.
Barnama
08-06-2025
- Business
- Barnama
Halal Industry Among Key Growth Drivers In IMT-GT, BIMP-EAGA
By Engku Shariful Azni Engku Ab Latif and Nur Athirah Mohd Shaharuddin KUALA LUMPUR, June 8 (Bernama) – The rapidly-growing halal industry is among nine sectors that can trigger high economic growth in the Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) and the Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA). The other key sectors include sustainable agriculture and agribusiness; tourism; green and renewable energy (RE); the digital economy; transport and logistics; palm oil and downstream industries; and Islamic finance, according to International Islamic University Malaysia (IIUM) associate professor of economics, Dr Muhammad Irwan Ariffin. The marine and fisheries industries are exclusive to the BIMP-EAGA sub-region, he noted. He said the halal industry in both IMT-GT and BIMP-EAGA sub-regions holds strong global demand for halal food, cosmetics, finance and tourism. "It shares Islamic values across Malaysia, Indonesia, Brunei, southern Thailand and Mindanao, making it a strategic goal to develop IMT-GT as a global halal hub," he told Bernama. Turning to the agricultural sector, Muhammad Irwan said the combination of vast arable land and a tropical climate drives strong demand for high-value crops, organic farming, agro-processing and agribusiness value chains, which are essential for supporting rural economies. As for the digital economy, he said increasing internet access in rural areas across the sub-regions has driven the growth of e-commerce, fintech and digital skills development, alongside plans for smart cities and cross-border digital corridors. "The sub-regions, which are known for their rich biodiversity, natural parks, and cultural heritage, are increasingly focusing on eco-tourism, halal tourism, and cross-border travel circuits, supported by strategic initiatives such as the Visit IMT-GT Year 2023–2025 campaign,' he continued. "In the Islamic finance sector, the large Muslim population and underserved rural communities present opportunities for inclusive growth through shariah-compliant financial services that support the development of small and medium enterprises (SMEs) across the regions."
Barnama
06-06-2025
- Business
- Barnama
Ringgit Advances vs US Dollar Amid Weak US Data And Tariff Concerns
By Engku Shariful Azni Engku Ab Latif KUALA LUMPUR, June 6 (Bernama) -- The ringgit continues to strengthen against the US dollar on Friday, as the United States (US) economic data points to further weakening amid concerns over tariffs and fiscal policies, an analyst said. At 8 am, the local note improved to 4.2140/2335 against the greenback from Thursday's close of 4.2245/2295. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) slipped by 0.05 per cent to 98.741 points as US economic data showed signs of further slowdown. "US Initial Jobless Claims rose to 247,000 last week, marking the second consecutive week of increases, while the Continuous Jobless Claims remained elevated to 1.904 million for the week ending May 24, 2025. "The focus tonight will be on the Nonfarm Payroll (NFP), which is expected to reach 125,000 in May (consensus) from the previous month's print of 177,000," he told Bernama. Mohd Afzanizam said emerging market currencies, including the ringgit, have been appreciating against the US dollar due to a weaker US economic outlook and continued concerns over tariffs and fiscal policies. 'The prevailing market condition defied the norms because the US dollar has been deemed a safe-haven currency. Traders and investors would normally flock to the US dollar to seek protection against extreme volatility,' he said. Mohd Afzanizam said the market will continue to be wary of US tariff policies and the recent fallout between US President Donald Trump and Elon Musk over the government's budgetary position and its impact on the global economy, which may lead to further noise in the market sentiments.
