Latest news with #MohdAfzanizamAbdulRashid
The Star
5 hours ago
- Business
- The Star
Ringgit to trade firmer against US dollar next week, ahead of US labour data
KUALA LUMPUR: 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
Malaysian Reserve
10 hours ago
- Business
- Malaysian Reserve
Ringgit to trade firmer against US dollar next week, ahead of US labour data
KUALA LUMPUR — 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
Malaysian Reserve
2 days ago
- Business
- Malaysian Reserve
Ringgit rises against US dollar at the close on easing tensions in Middle East
KUALA LUMPUR — The ringgit ended higher against the US dollar, buoyed by the apparent ceasefire in the Israel-Iran conflict, said an economist. At 6 pm, the local note rose to 4.2410/2465 versus the greenback from Monday's close of 4.2915/2980. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the de-escalation also led benchmark Brent crude oil prices to retreat to US$69.56 per barrel as risks to global oil supply appear contained for now. 'Financial markets are responding with a sense of relief, and risk appetite is gradually returning. 'Still, it's early days. Investors remain cautious amid lingering uncertainties — particularly with the US tariff pause set to expire in early July,' he told Bernama. On the domestic front, Mohd Afzanizam said Malaysia's latest consumer price index (CPI) reading of 1.2 per cent reinforces the view that monetary policy remains tight, with real interest rates rising further. 'In summary, market sentiment may stay guarded in the short term, while policymakers are likely to remain vigilant in balancing growth and stability,' he added. At the closing, the ringgit traded mostly lower against a basket of major currencies. It trended lower against the Japanese yen at 2.9256/9296 from 2.9028/9074 at Monday's close, declined versus the British pound to 5.7707/7782 from 5.7437/7524, but improved against the euro to 4.9225/9289 from 4.9236/9311 previously. The local note trended higher against its ASEAN counterparts. It advanced vis-a-vis the Indonesian rupiah to 259.3/259.7 from 260.2/260.7 at yesterday's close and gained against the Philippine peso to 7.41/7.44 from 7.44/7.46. The ringgit also appreciated against the Singapore dollar to 3.3130/3178 from 3.3188/3243 and strengthened to 12.9793/13.0021 from 12.9998/13.0250 versus the Thai baht previously. — BERNAMA
The Star
2 days ago
- Business
- The Star
Ringgit rises against US$ as markets digest Fed's tariff caution
KUALA LUMPUR: The ringgit extended its gains against the US dollar on Thursday, buoyed by comments from US Federal Reserve (Fed) chair Jerome Powell highlighting uncertainty over the inflationary impact of tariffs. At 8 am, the local note strengthened to 4.2255/2475 against the greenback from Wednesday's close of 4.2335/2405. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the prospect of a US rate cut remains intact, as downside risks to growth continue to mount amid weak sentiment among consumers and businesses. "On that note, markets are still leaning towards the Fed increasing policy accommodation in the second half of the year, with two rate cuts now appearing to be the base case,' he told Bernama. Mohd Afzanizam also noted that the US Dollar Index (DXY) fell 0.18 per cent to 97.679 points, suggesting the dollar-ringgit exchange rate is likely to hover between 4.22 and 4.23 today. However, the ringgit opened lower against a basket of major currencies. It weakened against the Japanese yen to 2.9161/9315 from 2.9070/9120, fell versus the British pound to 5.7843/8144 from 5.7631/7726, and declined against the euro to 4.9367/9624 from 4.9113/9194. The ringgit was mixed against ASEAN currencies. It advanced vis-à-vis the Philippine peso to 7.45/7.49 from 7.46/7.48, and was little changed against the Indonesian rupiah at 259.2/260.6 from 259.7/260.2. Meanwhile, it slipped against the Singapore dollar to 3.3092/3269 from 3.3061/3121, and eased against the Thai baht to 12.9899/13.0648 from 12.9584/9858. - Bernama
BusinessToday
2 days ago
- Business
- BusinessToday
Ringgit Firms Against US Dollar On Fed Cues, Weakens Versus Majors
The ringgit opened Thursday stronger against the US dollar, trading at 4.2255/2475 compared to Wednesday's close of 4.2335/2405. The gains followed comments by US Federal Reserve chair Jerome Powell, who flagged uncertainties around the inflationary impact of tariffs. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that the US Dollar Index (DXY) slipped 0.18% to 97.679 points. 'Markets are still leaning towards the Fed increasing policy accommodation in the second half of the year, with two rate cuts now appearing to be the base case,' he said. Despite the improvement against the greenback, the ringgit weakened against other major currencies. It slipped to 2.9161/9315 against the Japanese yen, 5.7843/8144 against the British pound, and 4.9367/9624 against the euro. Against ASEAN peers, the local note strengthened slightly to 7.45/7.49 against the Philippine peso and was little changed at 259.2/260.6 against the Indonesian rupiah. It, however, retreated to 3.3092/3269 versus the Singapore dollar and to 12.9899/13.0648 against the Thai baht. Related
