Latest news with #Ringgit
BusinessToday
a day ago
- Business
- BusinessToday
Ringgit Could Bounce Back Next Week
The Malaysian Ringgit experienced a volatile week, initially weakening to nearly 4.30 per US Dollar following US strikes on Iran over the weekend, before recovering much of its ground as geopolitical tensions eased. The currency is now expected to trade within a range of 4.22-4.26/USD in the week ahead, with market attention shifting firmly back to US macroeconomic indicators. While the Ringgit had been trading broadly stable in line with expectations, Monday saw markets unsettled by the geopolitical developments, pushing the currency close to the 4.30/USD mark. However, this initial risk-off sentiment dissipated swiftly. The US Dollar Index (DXY) traded on a softer footing this week, ranging between 97.7 and 98.4, even amidst the initial geopolitical stir. Notably, investors turned towards Euro-denominated assets rather than the greenback, as the spike in oil prices proved short-lived. Risk appetite recovered significantly after President Donald Trump announced a ceasefire between Iran and Israel, helping to reverse much of the Ringgit's earlier weakness. A subsequent pullback in both oil prices and the DXY further reinforced this recovery, driven by increasingly dovish signals from the Federal Reserve. Markets are now closely monitoring upcoming US economic data. The US core Personal Consumption Expenditures (PCE) reading, due tomorrow, is a key focus, with consensus expecting a 0.1% month-on-month increase. Attention will then shift to next week's crucial labor market data, where Non-Farm Payrolls (NFP) are anticipated to ease towards the 100.0k mark and the unemployment rate could potentially rise to 4.3%. June's manufacturing data will also be scrutinized for early signs of any tariff-related strain on the economy. With geopolitical risks largely unwound, the focus is squarely returning to US macro data. Softer employment figures could reinforce expectations of a Federal Reserve rate cut as early as September, aligning with analysts' base case. Fiscal developments in the US may also take center stage, particularly President Trump's proposed 'big, beautiful bill,' which is expected to get a Senate vote by July 4th. Technically, Kenanga Research said the USDMYR pair remains anchored around its 5-day Exponential Moving Average (EMA) at 4.24. Its direction in the coming week will largely hinge on incoming US macroeconomic data, with key support identified at 4.20 and resistance at 4.27. Related
BusinessToday
6 days ago
- Business
- BusinessToday
Ringgit Decline Amid Middle East Tension, To Remain Rangebound
The local currency experienced a weakening trend this week, slipping past the 4.26 per US Dollar (USD) mark on Thursday. This decline was primarily driven by escalating tensions in the Middle East and growing speculation regarding potential US involvement in the conflict, dominating market sentiment. While the Ringgit held steady early in the week, the surge in geopolitical risk saw Brent crude oil prices climb to USD78.9 per barrel. Typically, higher oil prices tend to bolster the greenback. However, according to market analysts, persistent concerns over the US's fiscal health have tempered the USD's gains, preventing a stronger appreciation. This week, the US Dollar's performance was notably more responsive to geopolitical headlines than to macroeconomic indicators. Weaker-than-expected US retail sales figures, the Federal Reserve's increasingly 'stagflationary' guidance, and foreign selling of US Treasuries had limited impact on the greenback's movement, as investors prioritized safe-haven assets amidst global uncertainty. With a light data calendar expected, geopolitical developments are set to remain the central focus for currency markets. The USD is anticipated to outperform the Euro (EUR) in this risk-off environment. Remarks by President Donald Trump, suggesting a decision on US military participation could come within two weeks, further amplified market unease. While elevated oil prices have temporarily boosted the USD's safe-haven appeal, long-term structural fiscal concerns, particularly rising US debt, may exert downward pressure on the currency over the longer term. Analysts at Kenanga Research expect rising geopolitical tensions and ongoing tariff uncertainty to continue providing support for the USD, which will likely exert pressure on emerging market (EM) currencies, including the Ringgit. The Ringgit is projected to trade within the 4.24 – 4.27 per USD range, with its trajectory heavily dependent on the evolving situation in the Middle East. Markets will also closely monitor the Federal Reserve's June 25 board meeting, where discussions on potential easing of bank leverage rules could have broader capital implications. Technically, the USDMYR pair remains rangebound, orbiting its 5-day Exponential Moving Average (EMA) at 4.25. Price movement is expected to continue being primarily driven by geopolitical developments, with immediate support identified at 4.24 (S1) and resistance at 4.26 (R1). Related
Borneo Post
18-06-2025
- Politics
- Borneo Post
Sabah's Native Court Training Institute risks becoming 'white elephant'
Dr Bosi at the Native Court Training Institute. PENAMPANG (June 18): Parti Anak Negeri coordinator for the West Coast, Dr Edwin Bosi, has expressed profound dismay over the current state of the Native Court Training Institute (Institut Latihan Makhamah Anak Negeri Sabah – ILMAN) in Kampung Pogun, Kibabaig, Penampang. Once a symbol of pride and a crucial centre for the preservation of Sabah's native customs and laws, the multi-million Ringgit facility is now reportedly suffering from severe neglect, slowly turning into a 'white elephant.' Dr Bosi revealed that he recently visited the Institute following negative feedback from the community, confirming his earlier concerns raised months ago. 'It is a sad moment for natives in Sabah to know that ILMAN is slowly but surely turning into a white elephant,' he stated in a statement on Wednesday. ILMAN, a grandiose and majestic building, was established years ago as a result of a Federal Government initiative around 2009-2010 to study and upgrade the Sabah Native Court. It was envisioned as a vital centre for studies, research and training, reflecting the historical importance and relevance of Sabah's native customs, laws, and 'adat.' However, Dr Bosi's recent observations paint a grim picture. 'From my observation, there was barely any official activity nor staff in and around the building,' he reported. 'The buildings are showing signs of neglect and no landscaping at all. I was informed that the floor tiles and glass panels are cracking while toilets on the ground floor are blocked and dysfunctional.' Despite this alarming scenario, he noted that the access road to the Institute has been repaired and upgraded, eliminating any excuse for staff not to work there. Dr Bosi made an urgent appeal to the government to restore ILMAN to its intended purpose. 'I am appealing to the government to return this building to its rightful place, an institute for customary laws and adat to study, research and train natives in respecting and preserving this unique institution,' he urged. He also reminded the government of one of the guarantees enshrined in the Oath Stone at Keningau: the respect and preservation of native customary laws and adat. Expressing his shock, the former Kepayan assemblyman questioned why the government department in charge of native affairs continues to operate from Wisma Tun Fuad, Karamunsing, when such a purpose-built facility exists. He drew a parallel to his own experience as a former government servant, where departments like the veterinary services had their own dedicated offices across the state, even if not as grand as ILMAN. To prevent further deterioration and maximize the use of the facility, he recommended that the Ministry of Local Government and Housing, which oversees the Department of Native Affairs, consider renting out ILMAN's facilities to other departments or NGOs for meetings, conventions and training. He cited the Penampang Health Department as being keen to utilize the building for their training programs. Dr Bosi believes that with continuous activity, ILMAN could also become a point of interest for tourists, allowing them to not only admire the building but also learn about the natives of Sabah. 'I believe the Minister of Local Government and Housing can make ILMAN a historical and prestigious Institute if he so wants and desires,' Dr Bosi concluded, emphasizing the potential of this neglected institution.
BusinessToday
16-06-2025
- Business
- BusinessToday
Ringgit Influenced By External Dynamics With Limited Domestic Catalysts
The Malaysian Ringgit maintained its stability this week, trading within a narrow range of 4.22 to 4.24 against the US Dollar, largely benefiting from a weaker greenback. Kenanga Research noted that the Ringgit's performance continues to be primarily influenced by external market dynamics, with limited domestic catalysts. The week began with the Ringgit initially softening following robust US Non-Farm Payroll (NFP) data, which dampened expectations for immediate Federal Reserve interest rate cuts and boosted the USD on firmer yields. However, the Ringgit soon regained ground as positive US-China trade discussions improved broader risk sentiment. Subsequently, softer US Consumer Price Index (CPI) figures shifted the market narrative towards a more dovish outlook for the Fed, reinforcing expectations of easing monetary policy and pushing the DXY (US Dollar Index) below the 98.0 level. Despite robust US Treasury auctions, the US Dollar remained subdued, suggesting that domestic demand, rather than foreign appetite, was the primary driver of any strength. This trend, according to Kenanga Research, lends some weight to the ongoing de-dollarisation narrative. Looking ahead, market participants will keenly watch next week's US retail sales data, which is expected to contract by 0.7% month-on-month, ahead of the Federal Open Market Committee (FOMC) meeting. While the Fed fund rates are widely anticipated to remain unchanged, any dovish tone from the Fed could put further downward pressure on the US Dollar. Kenanga Research projects that rising Brent crude oil prices amid Israel-Iran tensions might offer some temporary support to the US Dollar, but the broader trend is still seen favoring a weaker greenback. For the upcoming week, the Ringgit is expected to trade around its current level as markets monitor developments in US-China trade talks and the Israel-Iran conflict. The upcoming release of US Treasury data on foreign holdings will also be scrutinised for any signs that a 'Sell America' trend is gaining traction among international investors. Technically, the USDMYR remains neutral, hovering around its 5-day Exponential Moving Average (EMA) of 4.23. Near-term movements are expected to hinge on external factors, with initial support identified at 4.23 (S1) and resistance at 4.25 (R1). Related
BusinessToday
07-06-2025
- Business
- BusinessToday
Ringgit Breaking 4.20 Hinges On Upcoming Economic Data
After a brief dip to 4.26 against the US dollar last Friday, the Malaysian Ringgit (MYR) showed resilience this week, trading within the expected 4.23–4.25 range. This recovery was partly attributed to a subdued US Dollar Index (DXY), as reported by Kenanga Research. The US dollar experienced initial pressure following increased US tariffs on steel and aluminum, coupled with threats of a 'revenge tax' from President Donald Trump. Further weakness came from a softer ISM manufacturing print and growing fiscal concerns. However, the greenback later rebounded on stronger JOLTs job openings data and renewed optimism surrounding potential trade talks between the US and China. Despite this rebound, softer ADP private payroll figures and rising jobless claims have signaled potential cracks in the US labor market. Globally, Thursday's European Central Bank (ECB) rate cut had minimal impact on bolstering the USD. The Euro managed to hold its gains amid indications that further easing might be paused soon. Market attention now shifts to tonight's Non-Farm Payrolls (NFP) data. A figure below 100,000 new jobs could intensify recession fears and strengthen the case for a US Federal Reserve rate cut. However, markets are likely to await next week's core inflation data, which is anticipated to show a 0.3% month-over-month increase, before making significant moves. Looking ahead, Kenanga Research notes lingering concerns about renewed trade and bond market volatility once the 90-day US reciprocal tariffs pause concludes in July. The trajectory of US-China negotiations will be critical. A breakthrough in these talks could offer the US dollar short-term support, although fiscal-driven term premiums might cap any substantial gains. Domestically, the Ringgit's performance will hinge on upcoming economic indicators. If industrial production (IPI) and retail sales data point to continued economic resilience in Malaysia, the Ringgit could appreciate further. Kenanga Research suggests the Ringgit could potentially test the 4.21–4.24 per US dollar range next week. Technically, the USDMYR currency pair remains neutral, trading close to its 5-day Exponential Moving Average (EMA) of 4.24. Near-term direction is expected to be guided by trade-related headlines, with immediate support identified at 4.22 and resistance at 4.25. USD GBP EUR JPY100 CHF AUD CAD SGD HKD100 3 Jun 2025 4.2390 5.7426 4.8509 2.9704 5.1885 2.7522 3.0894 3.2982 54.0382 4 Jun 2025 4.2490 5.7474 4.8366 2.9508 5.1597 2.7451 3.0983 3.2947 54.1636 5 Jun 2025 4.2325 5.7395 4.8375 2.9667 5.1764 2.7518 3.0956 3.2942 53.9509 6 Jun 2025 4.2250 5.7367 4.8376 2.9395 5.1512 2.7503 3.0916 3.2851 53.8508 Related
