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Microsoft surges toward trillion-US dollar value as profits rise

WASHINGTON, April 25 — Microsoft said profits climbed in the past quarter on its cloud and business services as the US technology giant saw its market value close in on the trillion-US dollar (RM4.125 trillion) mark. Profits in the quarter to…


Ringgit will stabilise after recent sell-off, says FXTM analyst

KUALA LUMPUR: The ringgit is expected to trade within the 4.10-4.15 range against the US dollar in the second quarter as the sell-off pressure eases, barring any major catalyst, according to FXTM market analyst Han Tan (pix).

The ringgit weakened 0.06% to 4.1305 against the greenback today from 4.1280 on Tuesday.

The recent selling pressure in the ringgit was triggered by news of the Norwegian sovereign wealth fund cutting its exposure in the emerging markets, including Malaysia. This was aggravated by the speculation that Malaysian bonds would be dropped from the FTSE World Government Bond Index.

Tan said the market is currently focused more on external factors, letting external risk to dictate the performance of currencies and paying less attention to internal economic data.

According to the International Monetary Fund’s Purchasing Power Parity metrics, the ringgit is undervalued by 65% to the greenback.

Tan expects the Malaysian currency to remain supported by the country’s resilient economic fundamentals, whereby the projected gross domestic product growth of 4.3-4.8% this year is better than many other economies.

“Malaysia’s export mix is very well diversified and with this very diversified nature, is not just limited to export, it has multiple legs to stand on.”

To illustrate the influence of external factors, Tan pointed out that Malaysia has been able to buck the Asean trend in regard to exports, delivering a growth while the neighbouring countries are experiencing a contraction in the fourth quarter of 2018 up till February 2019.

“In other words, the currency markets are primarily focused outwards and paying less attention to what is happening onshore,” he said.

While oil prices have reached the US$70 (RM289) per barrel mark this month, the increase has yet to be reflected in the ringgit’s performance.

However, Tan said as Malaysia’s budget is based on the assumption of crude oil at US$70 a barrel, stronger prices will contribute to the ringgit’s strength.

“Barring any major catalyst, I expect oil prices to head towards US$80 per barrel within the first half,” he added.


Ringgit will stabilise after recent sell-off, says FTXM analyst

KUALA LUMPUR: The ringgit is expected to trade within the 4.10-4.15 range against the US dollar in the second quarter as the sell-off pressure eases, barring any major catalyst, according to FXTM market analyst Han Tan (pix).

The ringgit weakened 0.06% to 4.1305 against the greenback today from 4.1280 on Tuesday.

The recent selling pressure in the ringgit was triggered by news of the Norwegian sovereign wealth fund cutting its exposure in the emerging markets, including Malaysia. This was aggravated by the speculation that Malaysian bonds would be dropped from the FTSE World Government Bond Index.

Tan said the market is currently focused more on external factors, letting external risk to dictate the performance of currencies and paying less attention to internal economic data.

According to the International Monetary Fund’s Purchasing Power Parity metrics, the ringgit is undervalued by 65% to the greenback.

Tan expects the Malaysian currency to remain supported by the country’s resilient economic fundamentals, whereby the projected gross domestic product growth of 4.3-4.8% this year is better than many other economies.

“Malaysia’s export mix is very well diversified and with this very diversified nature, is not just limited to export, it has multiple legs to stand on.”

To illustrate the influence of external factors, Tan pointed out that Malaysia has been able to buck the Asean trend in regard to exports, delivering a growth while the neighbouring countries are experiencing a contraction in the fourth quarter of 2018 up till February 2019.

“In other words, the currency markets are primarily focused outwards and paying less attention to what is happening onshore,” he said.

While oil prices have reached the US$70 (RM289) per barrel mark this month, the increase has yet to be reflected in the ringgit’s performance.

However, Tan said as Malaysia’s budget is based on the assumption of crude oil at US$70 a barrel, stronger prices will contribute to the ringgit’s strength.

“Barring any major catalyst, I expect oil prices to head towards US$80 per barrel within the first half,” he added.


Ringgit unchanged as investors study inflation data

KUALA LUMPUR, April 24 — The ringgit was unchanged against the US dollar at close today, as traders digest the inflation report released by the Statistics Department, a dealer said. At 6pm, the ringgit stood at 4.1250/1300 versus…


Ringgit unchanged at close

KUALA LUMPUR: The ringgit was unchanged against the US dollar at close today, as traders digest the inflation report released by the Statistics Department, a dealer said.

At 6pm, the ringgit stood at 4.1250/1300 versus the greenback from 4.1250/1300 recorded at Tuesday’s close.

“The report should provide an unambiguous signal for Bank Negara policy and validate the likelihood of an interest rate cut at next months policy meeting,” the dealer said.

Earlier today, the department released its data for March 2019, which saw inflation rate, as measured by the Consumer Price Index (CPI), increase by 0.2% in the month to 121.1 from 120.9 in March 2018.

Meanwhile, the ringgit was traded higher against other major currencies.

It rose against the Singapore dollar to 3.0351/0392 from 3.0400/0446 on Tuesday and appreciated versus the British pound to 5.3365/3446 from 5.3666/3748.

The local currency strengthened vis-a-vis the yen at 3.6870/6921 from 3.6876/6924 and improved against the euro to 4.6254/6326 from 4.6431/6491 previously. — Bernama


Asian shares fall despite strong Wall Street, oil retreats

SHANGHAI, April 24 — Equity markets in Asia faltered today amid losses in South Korea and uncertainty over China's plans for further stimulus as the economy shows signs of regaining its footing. MSCI's broadest index of Asia-Pacific shares outside…


Ringgit to trade at 4.10-4.15 to the greenback in Q2

KUALA LUMPUR, April 24 — The ringgit is expected to trade range-bound within the 4.10 and 4.15 band against the US dollar in the second quarter of 2019 (Q2 2019), barring any major catalyst. FXTM market analyst Han Tan said the outlook was on the…


FXTM expects ringgit to rebound to 4.10 in Q2

KUALA LUMPUR: The ringgit is expected to trade within the 4.10-4.15 range against the US dollar in the second quarter as the selloff pressure eases barring any major catalyst, according to FXTM market analyst Han Tan.

As at 12pm, the ringgit was trading lower at 4.1325 against the greenback compared with yesterday’s close of 4.1280.

The recent selling pressure in the ringgit was triggered by news of the Norwegian sovereign wealth fund cutting its exposure in the emerging markets, including Malaysia. This was further aggravated by the speculation that Malaysian bonds will be dropped from the FTSE World Government Bond Index.

Tan said the market is currently focused more on the external factors, letting the external risk to dictate the performance of currencies and paying less attention to the internal economic data.

According to the International Monetary Fund’s (IMF) Purchasing Power Parity metrics, the ringgit is undervalued by 65% to the greenback.


US dollar hovers near 22-month peak buoyed by strong data

TOKYO, April 24 — The US dollar hovered near a 22-month high against its peers today, after strong US housing data further eased concerns of a slowdown in the world's biggest economy. The US dollar index versus a basket of six major currencies…


Asian shares up after Nasdaq, S&P 500 hit record highs

SHANGHAI, April 24 — Equity markets in Asia rose this morning after upbeat earnings helped the Nasdaq and S&P 500 indexes reach record closing highs on Wall Street overnight, while oil retreated from its near six-month highs. MSCI's broadest…