The third quarter of this year has been a disappointing period for Corporate Malaysia as results came in below expectations and analysts believing that the profit trend would unlikely get better anytime soon. Analysts said the lacklustre corporate third quarter among Bursa Malaysia-listed companies would likely extend into the last three months of the year […]
The Malaysian palm oil futures (FCPO) closed higher for the third consecutive session, buoyed by the slowdown in output reported in November’s monthly data from Malaysia Palm Oil Board (MPOB) and easing stock levels in Indonesia. On Friday, FCPO decreased 3.5 per cent to 2,068 as compared with last Friday’s closing price at 1,998, a […]
BEIJING, Dec 15 — China’s Wanda group has signed a deal to build a sprawling complex for patriotic tourists to visit a site where the ruling Communist Party’s traces its revolutionary roots in northwestern Shaanxi province. At a ceremony in…
MOSCOW, Dec 15 — An official Russian delegation will travel to the Davos world economic forum after organisers of the event lifted an earlier ban on several Russian businessmen, the state-run RIA news agency cited a government source as saying…
WASHINGTON, Dec 15 ― The US Trade Representative's office yesterday officially changed the scheduled date of a tariff rate increase on US$200 billion (RM837 billion) worth of Chinese goods to 12.01am EST (0501 GMT) on March 2, 2019 as the United…
KUALA LUMPUR: The ringgit is likely to be on a downtrend against the US dollar next week as negative global growth sentiment weigh the currency’s performance, said Oanda Head of Trading Asia Pacific, Stephen Innes.
He said the ringgit would be traded at around 4.17 to 4.20 to the dollar while the oil market would also act as a determinant in the currency’s movement.
“Waning global growth sentiment continues to drag equity markets into the tank after a double whammy of major economic data misses has sent investors scurrying for cover.
“Weak growth in both China and the Eurozone are also providing the critical fundamental reasons to be underweight on equities, which will weigh on ringgit sentiment next week as investors flock to US treasuries and support the dollar on haven appeal,“ he told Bernama.
Meanwhile, FXTM Global Head of Currency Strategy and Market Research Jameel Ahmad said the market had widely expected that the US Federal Reserve (Fed) will raise US interest rates for the fourth time this year, and essentially, this had already been mostly priced into the ringgit.
“But the next risk for the ringgit depends on the path of interest rate increases for 2019,“ he added.
Jameel said that doubts were starting to creep in that the Fed would raise interest rates as often as four times next year, which is seen as a significant risk of weakness for the greenback moving forward.
“As one of the emerging markets that is known for being sensitive to US interest rate speculation, guidance that the Fed will not be as active with interest rate policy next year would be digested as positive news for the ringgit in 2019,“ he explained.
For the week just-ended, the ringgit closed mostly lower against the US dollar with the market sentiment moved by oil prices, the US-China trade negotiation outcome and investor worries on global economic outlook.
On a Friday-to-Friday basis, the local note weakened to 4.1830/1880 from 4.1640/1680 against the greenback from the previous week.
The ringgit traded mixed against a basket of major currencies throughout the week.
It depreciated against the Singapore dollar to 3.0393/0434 from 3.0385/0434 and appreciated against the British pound to 5.2635/2710 from 5.3116/3184.
Vis-a-vis the Japanese yen, the ringgit went up to 3.6842/6895 from 3.6899/6937 and strengthened against the euro to 4.7239/7299 from 4.7320/7373. — Bernama
LONDON, Dec 15 ― Weak economic data from China sent Britain's top stock index down yesterday as miners, consumer stocks and banks suffered from investors' mounting anxiety about the world's second-biggest economy. The FTSE 100 ended the day down…
WASHINGTON, Dec 15 ― T-Mobile US Inc and Sprint Corp believe their foreign owners' offer to stop using Huawei Technologies equipment will help with the United States clearing their US$26 billion (RM108 billion) merger deal, sources said,…
NEW YORK, Dec 15 ― A gauge of global stocks tumbled yesterday after weak economic data from China and Europe intensified global growth worries as investors weighed the broader impact of the trade dispute between the United States and China. Euro…
BEIJING: China’s trade war with the United States is spurring some Chinese entrepreneurs, government advisers and think-tanks to call for faster reforms in the world’s second-largest economy and the freeing of a private sector stifled by state controls. The calls for change have become louder as China approaches a key anniversary later this month, although […]