QualampurAn analyst stated that Ringit today revealed a strong against the US dollar, which the US court temporarily promoted better investor in emerging market currencies after stopping Trump-era’s decision to block the import tariff.
At 8 am, the local note 4.2180/2485 vs Greenback rose from 4.2390/2475 on Thursday.
Bank Malaysia Malaysia BHD Chief Economist Dr. Mohammad Afzanim Abdul Rashid said that the US Dollar Index (DXY) Federal Circuit fell below 99.278 points after the 100-digit mark after the US Court of Appeal, which would block the import tariff of trump-trump once again from the US Court of International Trade ruling (US time).
Additionally, he stated that US economic data looks weak with early unemployed claims, which were growing up to 240,000 against the estimates of consensus of 229,000 last week, while frequent unemployed claims were extended to 1.91 million, which ended at 1.89 million in the east week on 17 May.
“In addition, the second estimate for the first quarter of the 2025 US gross domestic product (GDP) was 0.2 percent quarter-quarter-quarter-quarterly adjusted annual rate (SAAR), which was slightly better than the first estimate of -0.3 percent, but the previous quarter had a lower of 2.4 percent in the previous quarter.
“It appears that the US dollar is likely to continue a weak trend even today, benefiting the ringt,” he told Bernma.
Mohammad Afzajnizam said that traders and investors will look at the figures of personal consumption expenditure (PCE) inflation. Unanimously, the headline PCE and core PCE at a moderate speed of 2.2 percent and 2.5 percent in April is 2.3 percent and 2.5 percent in the east month as compared to 2.6 percent.
Therefore, the Ringit is expected to have a higher trend today, possibly around RM4.21 and RM4.22, due to a weak US dollar approach, he said.
In the opening, Ringit traded against the basket of most major currencies.
It is appreciated against the British pound from 5.6943/7355 to 5.7091/7205 from Thursday’s bandh and earlier received the Euro from 4.7803/7899 to 4.7992/8339.
However, the local note declined from nearly 2.9188/9249 against 2.9349/9563 against the Japanese yen to 2.9349/9563.
Local note was mostly traded against its ASEAN comrades.
It is closed from 3.2789/3031 to 3.2853/2921 on Thursday and Indonesian Rupiah 259.9/260.5 to 258.6/260.6 before 258.6/260.6 before the Singapore dollar.
Ringit upgraded Philippine Peso from 7.60/7.62 at 7.56/7.62 yesterday, but slipped against Thai Baht 12.9565/13.0590 before 12.9321/9647.
