Saturday, August 25th, 2018
KUALA LUMPUR: The ringgit is likely to trade lower and in the range of between 4.10 and 4.12 against the US dollar next week.
A dealer said concerns over rising interest rates in the United States is expected to affect demand for the local note.
“US Federal Reserve policymakers broadly agree that interest rates should rise further, with the next round of rate hike anticipated in September,” he added.
Meanwhile, FXTM Global Head of Currency Strategy and Market Research Jameel Ahmad said the ringgit closed the week below the psychological level of 4.10 against the greenback.
“Another round of market uncertainty will send the ringgit lower towards 4.15,” he said in a note.
He also said the ringgit would continue to be influenced by external factors such as the outcome of the gathering of global central bankers at the Jackson Hole conference, as well as, developments arising from the resumed trade talks between the United States and China.
On a Friday-to-Friday basis, the local note fell to 4.1070/1100 against the greenback from 4.1050/1080 recorded last week.
Against other major currencies, the ringgit traded mostly lower, except against the Japanese yen, where it rose to 3.6851/6887 from 3.7129/7173 last week.
It declined against the Singapore dollar to 2.9950/9980 from 2.9842/9868, fell against the British pound to 5.2668/2723 from 5.2150/2204 and was lower against the euro at 4.7502/7553 from 4.6723/6765. — Bernama
BEIJING, Aug 25 — China’s central bank signalled that it’s taking action to support the yuan as trade tensions with the US show no signs of ending soon. Starting this month, banks resumed using an adjustment, known as the counter-cyclical…
NEW YORK, Aug 25 — Oil prices advanced for the first week in two months amid signs of tighter supply from the North Sea to the Middle East. Futures in New York were up 4.3 per cent for the week, ending the longest streak of losses since 2015. US…
NEW YORK, Aug 25 — The benchmark S&P 500 stock index clinched its longest bull-market run yesterday, closing above its previous January high, as Federal Reserve Chairman Jerome Powell affirmed the US central bank’s current pace of rate…
NEW YORK, Aug 25 — It’s a US$21.7 billion (RM88.7 billion) proposal to return the world’s largest privately held technology company to public markets. The deal features a who’s who of big names — Michael Dell, Goldman Sachs Group Inc,…
NEW YORK, Aug 25 — Over the past four months, investor optimism that global crude prices will rise has slumped by almost half. Hedge funds’ net-bullish position on Brent crude, a measure of how positive money managers are that prices will gain,…
JACKSON HOLE: Increasing consensus at the Federal Reserve on the need to continue raising US interest rates was on display at the start of a global central bankers meeting here, as the longstanding distinction between so-called policy hawks, centrists and doves blurs in the face of falling unemployment. “I will speak for myself but I […]
GENERAL Mills Inc agreed to stop calling the oats in its Nature Valley granola bars 100 per cent natural to settle a lawsuit by three consumer groups that said the bars contained small amounts of the pesticide commonly known as Roundup. Beyond Pesticides, Moms Across America and the Organic Consumers Association on Thursday said the […]
KUALA LUMPUR: ACE market-listed company, PUC Bhd (PUC) yesterday announced that its wholly owned subsidiary, Founder Pay Sdn Bhd (FPSB) has signed a Memorandum of Understanding (MoU) with Revenue Monster Sdn Bhd (Revenue Monster), a payment solutions provider and the first appointed merchant acquirer of WeChat Pay in Malaysia, to facilitate WeChat Pay transactions. Upon […]
KUCHING: Sarawak’s business events industry has accumulated more than RM645 million worth of economic value to the state, revealed Minister of Tourism, Arts, Culture, Youth and Sports Datuk Abdul Karim Rahman Hamzah. “Business events has contributed a greater impact in building our nation. The transfer of knowledge from experts to local champions, trade opportunities, expansion […]