Saturday, May 11th, 2019
KUALA LUMPUR, May 11 — Seacera Group Bhd (Seacera), is eyeing to set up a light emitting diode (LED) production plant in Tangga Batu, Melaka. Group managing director Zulkarnin Ariffin said the LED production plant will begin operating within three…
HAVANA, May 11 ― Communist-run Cuba said yesterday it would control more the sales of certain foodstuff and hygiene products, including adding some back to the ration card, due to shortages that it blamed partly on the tightening of the US trade…
TOKYO, May 11 ― European Central Bank (ECB) Governing Council member Ewald Nowotny said he expects euro-zone growth to rebound in the latter half of this year, paving the way to deliberate normalising crisis-mode stimulus policies, the Nikkei…
KUALA LUMPUR: The ringgit is expected to trade in volatile mode against the US dollar next week given that global investors would try to get a better reading on US-China trade ties moving forward and its implications on global growth.
FXTM analyst Han Tan said the broader market sentiment, as well as other external factors, are expected to have a major impact on the ringgit’s performance, where more risk aversion may see the US dollar climb past the 4.15 level.
As for the domestic economic calendar, he said all eyes will be on Malaysia’s first quarter (Q1) Gross Domestic Product (GDP) figures, which will be announced on Thursday.
“Markets will be keen to learn how Malaysia fared amidst unresolved trade tensions between major economies during the first three months of 2019, and that is before higher US tariffs were imposed on Chinese goods in May.
“However, seeing how new US tariffs could be placed “shortly” on another US$325 billion (RM1.3 trillion) worth of Chinese goods, potentially further dampening the global growth outlook, any subsequent adverse effects on Malaysia’s economy may likely be mitigated by policymakers, ensuring that domestic growth conditions remain robust,” Han told Bernama.
For the week just ended, the ringgit traded lower against the US dollar as investors remained mainly muted on Bank Negara Malaysia’s (BNM) announcement on the overnight policy rate (OPR).
On May 7, BNM cut the OPR by 25 basis points to 3.00%. It made the last change to the OPR on Jan 25, 2018, when it increased the rate by 25 basis points to 3.25%.
The ringgit was also influenced by investors’ concerns about an escalation in trade tensions between the US and China.
On a Friday-to-Friday basis, the ringgit fell to 4.1570/1600 against the US dollar from 4.1410/1440 previously.
It was also traded lower against other major currencies.
The local note weakened against the Singapore dollar to 3.0503/0534 from 3.0355/0379, and versus the Japanese yen, it dropped to 3.7843/7880 from 3.7142/7179.
The ringgit went down against the British pound to 5.4091/4147 from 5.3792/3843, and depreciated vis-a-vis the euro to 4.6683/6733 from 4.6185/6230. — Bernama
KUALA LUMPUR, May 11 ― The ringgit is expected to trade in volatile mode against the US dollar next week given that global investors would try to get a better reading on US-China trade ties moving forward and its implications on global growth….
NEW YORK, May 11 ― A gauge of world equity markets rebounded and the dollar pared losses yesterday after President Donald Trump said US-China trade talks were constructive, easing tensions that pushed stocks on Wall Street toward their biggest…
WASHINGTON, May 11 ― US President Donald Trump yesterday said he was in no hurry to sign a trade deal with China as Washington imposed a new set of tariffs on Chinese goods and negotiators ended two days of talks to try to salvage an agreement….
BEIJING, May 11 ― Three main differences remain in the China-US trade talks, including the removal of all the additional tariffs, Chinese state media said today, following the end of the latest round of negotiations in Washington. The ruling…
WASHINGTON, May 11 ― US President Donald Trump yesterday ordered his trade chief to begin the process of imposing tariffs on all remaining imports from China, underscoring a lack of progress by US and Chinese negotiators in talks aimed at ending…