Latest news with #FatinUmairahAbdulHamid
Barnama
3 days ago
- Business
- Barnama
Ringgit Rebounds On Softer US Stance Towards China
WORLD By Fatin Umairah Abdul Hamid KUALA LUMPUR, July 17 (Bernama) -- The ringgit rebounded this morning, opening higher against the US dollar amid reports of a softer stance by United States (US) President Donald Trump towards China. At 8 am, the ringgit rose to 4.2335/2550 against the greenback, compared to Wednesday's close of 4.2400/2490. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) fell 0.23 per cent to 98.392 points as Trump reportedly adopted a less hawkish stance towards China, despite the ballooning trade deficit with the world's second-largest economy. "At the same time, news is circulating on the possible termination of Federal Reserve chairman Jerome Powell by President Trump, which also seems to fuel positive sentiment in the market," he told Bernama. As such, Mohd Afzanizam said the ringgit could gain some traction today after weakening slightly by 0.07 per cent to 4.2445 yesterday. At the opening, the ringgit was traded lower against a basket of major currencies, except for the British pound. It strengthened against the British pound to 5.6767/7055 from 5.6786/6907 at yesterday's close. However, it slipped against the Japanese yen to 2.8603/8750 from 2.8508/8569, and fell versus the euro to 4.9257/9507 from 4.9248/9352 previously. The local note was mostly higher against most ASEAN currencies.
Barnama
5 days ago
- Business
- Barnama
Ringgit Opens Higher Against US Dollar On Upbeat China Data
By Fatin Umairah Abdul Hamid KUALA LUMPUR, July 15 (Bernama) -- The ringgit opened higher against the US dollar on Tuesday, in line with strengthening Chinese yuan supported by upbeat China's June economic data release, said an analyst. At 8 am, the ringgit strengthened to 4.2445/2670 against the greenback, from Monday's close of 4.2505/2560. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the data from China, including exports, money supply and new loans, reflects the positive impact of recent economic stimulus measures. 'At the current juncture, the ringgit and Chinese yuan have positively correlated in the region of 80 per cent, with the yuan remaining stable against the US dollar,' he told Bernama. Mohd Afzanizam said the ringgit's gains came despite the US dollar index (DXY) climbing to 98.106 points, as markets reacted to ongoing United States (US) tariff uncertainties and President Donald Trump's signals of willingness to negotiate, including with the European Union. 'Risky assets such as equities closed higher while the US Treasury yields were rising, reflecting concern over inflation,' he said. Yesterday, Mohd Afzanizam said the ringgit closed 0.08 per cent lower against the US dollar to 4.2533. 'As such, expect ringgit to trade between 4.24 and 4.25 today,' he added.
Barnama
24-06-2025
- Business
- Barnama
Ringgit Firmer Vs US Dollar At Opening
By Anas Abu Hassan and Fatin Umairah Abdul Hamid KUALA LUMPUR, June 19 (Bernama) -- The ringgit inched higher at the opening today amid ongoing geopolitical worries and despite a firmer greenback after the US Federal Reserve (Fed) decided to keep interest rates unchanged, an analyst said. At 8 am, the local note climbed to 4.2435/2650 against the greenback from yesterday's close of 4.2500/2550. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US dollar was mostly higher overnight after the US Federal Open Market Committee (FOMC) unanimously decided to keep the Fed funds rate unchanged at 4.25 to 4.50 per cent. "The Fed is concerned over the risk of higher inflation and they need to stay vigilant while the Middle East conflict remains unsettled as the possibility of the United States participating in the Israel-Iran military conflict remains high," he told Bernama. He said the ringgit had depreciated against the US dollar on Thursday by 0.22 per cent following a greenback rally, and that investors were also wary of the next hurdle, which would be the end of the 90-day tariff pause period in early July. "On that note, we shall expect the ringgit to stay soft in the near term as sentiments in the market remain guarded," he added. At the opening, the ringgit traded higher against a basket of major currencies. It rose against the Japanese yen to 2.9276/9426 from 2.9322/9359 at Wednesday's close, strengthened versus the British pound to 5.6922/7211 from 5.7218/7285, and advanced against the euro to 4.8698/8945 from 4.8888/8945 previously. The local note was also better against its ASEAN counterparts.
Barnama
19-06-2025
- Business
- Barnama
Rubber Market Ends Higher In Tandem With Regional Futures
Rubber Market Ends Higher In Tandem With Regional Futures By Fatin Umairah Abdul Hamid and K Naveen Prabu KUALA LUMPUR, June 18 (Bernama) -- The Kuala Lumpur rubber market ended higher on Wednesday, in tandem with regional rubber futures markets and a weaker ringgit against the United States (US) dollar, a dealer said. At the time of writing, the local note slid to 4.2470/2550 against the greenback compared with yesterday's close of 4.2390/2475. The dealer said the positive sentiment was driven by concerns over natural rubber (NR) supply and China's efforts to develop financial systems independent of Western institutions. People's Bank of China Governor Pan Gongsheng said China will establish an international operations centre for the e-CNY (digital yuan) in Shanghai. The move comes amid renewed interest in a global yuan, as international trade tensions driven by United States (US) tariff policies prompt investors to seek alternatives to dollar-based investments. 'Nevertheless, further gains were capped by weaker US economic data amid declines in crude oil prices and rising geopolitical tensions,' she told Bernama. At the time of writing, Brent crude oil prices decreased 0.82 per cent to US$75.82 per barrel. At 3 pm, the Malaysian Rubber Board reported that the price of Standard Malaysian Rubber 20 (SMR 20) rose by 10.5 sen to 715.50 sen per kilogramme (kg), while latex in bulk was up by 2.5 sen to 587.00 sen per kg. -- BERNAMA
Barnama
27-05-2025
- Business
- Barnama
ASEAN, GCC And China Present Vast Collaborative Potential With Combined US$24.87 Trillion GDP
GENERAL By Nurul Hanis Izmir and Fatin Umairah Abdul Hamid KUALA LUMPUR, May 27 (Bernama) -- ASEAN, the Gulf Cooperation Council (GCC) countries and China together represent a combined gross domestic product (GDP) of US$24.87 trillion (US$1=RM4.21) and a population of about 2.15 billion, offering vast opportunities to synergise markets, deepen innovation, and promote cross-regional investment, Prime Minister Datuk Seri Anwar Ibrahim said today. 'For the first time, ASEAN, the GCC, and China come together in this unique configuration – three partners, each rich in history, civilisation, culture, and shared aspirations, gather to open a new chapter of dialogue and cooperation,' he said in his opening remarks at the inaugural ASEAN-GCC-China Summit themed 'Synergising Economic Opportunities Towards Shared Prosperity.' Also present were Kuwait's Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah, who is also the president of the current session of the Supreme Council of the GCC; China's Premier Li Qiang; Malaysia's Foreign Minister Datuk Seri Mohamad Hasan; and Malaysia's Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Aziz. In 2023, ASEAN's GDP reached US$3.8 trillion, making it the world's fifth-largest economy. That same year, total trade with the GCC stood at US$130.7 billion, with foreign direct investment (FDI) inflows of US$390.2 million. China, meanwhile, remained ASEAN's largest trading partner with US$696.7 billion in trade and US$17.3 billion in FDI, which indicate immense existing linkages as well as substantial untapped potential. 'I hope this summit will stand as a new chapter in ASEAN's journey of outward-looking engagement, demonstrating what can be achieved when partners work together in mutual respect and shared purpose,' said Anwar, who is also the Finance Minister. He expressed confidence that ASEAN, the GCC, and China can draw upon respective unique attributes, and shape a future that is more connected, more resilient, and more prosperous for generations to come.
