The Malaysian ringgit strengthened against the US dollar on Tuesday, driven by the pause in US import tariff hikes on Canada and Mexico, coupled with softer US economic data. Analysts expect the ringgit to remain positive, with the market focused on tariff developments and China's potential concessions.
: The ringgit opened higher against the US dollar as the United States has paused import tariff hike on Canada and Mexico, coupled with softer US economic data, said an analyst.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US has agreed to pause a 25 per cent import tariffs on goods from Canada and Mexico for a month as President Donald Trump was able to bring leaders from the two countries to the negotiating table.“While this can wreak havoc on market sentiments, the US economy is in good shape and it does not make sense if the seating president would want to reverse such a positive trend,” he told Bernama today.
However, he noted that data from the latest survey showed that business sentiment in the US manufacturing sector improved in January 2025.
RINGGIT US DOLLAR TRADE WAR TARIFFS ECONOMY
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ringgit Opens Slightly Higher Against US DollarThe Malaysian ringgit opened slightly higher against the US dollar on Tuesday, buoyed by a weaker US Dollar Index (DXY) following US economic data releases. Analysts attributed the movement to below-forecast US Services Purchasing Managers’ Index (PMI) data and reports on potential reductions in Trump-era tariffs, although these were quickly denied. The ringgit is expected to remain under pressure against the US dollar due to potential rate cuts by the Federal Reserve (Fed) and a cautious approach to monetary policy.
Read more »
Ringgit Opens Slightly Higher Against US DollarThe Malaysian ringgit strengthened slightly against the US dollar on Tuesday, buoyed by a weaker US Dollar Index following the release of US economic data. The ringgit's performance was influenced by the final US Services Purchasing Managers' Index (PMI) for December 2024, which fell below expectations. Analysts anticipate continued weakness for the ringgit, as the US dollar is expected to remain firm amid speculation about the potential impact of Donald Trump's administration on inflation and Federal Reserve rate cuts.
Read more »
Ringgit Opens Slightly Higher Against US DollarThe Malaysian ringgit started slightly stronger against the US dollar following weaker US economic data and a decline in the US Dollar Index (DXY). The ringgit’s performance was influenced by reports suggesting a potential reduction in Trump-era tariffs and statements by Fed Governor Lisa Cook advocating for a cautious approach to rate cuts. While the ringgit strengthened against the Japanese yen, it weakened against other major currencies like the British pound and the euro. Against ASEAN currencies, the ringgit showed a mixed performance.
Read more »
Ringgit Opens Higher Against US DollarThe Malaysian ringgit strengthened against the US dollar on Friday, propelled by a weakening US Dollar Index (DXY) following the release of US economic data. Analysts attributed the move to the final Purchasing Managers' Index (PMI) Services reading for the US, which came in at 56.8 in December 2024, lower than the projected 58.5 and November's reading of 58.5. The DXY also weakened due to reports suggesting a potential reduction in Trump-era tariffs, which were immediately denied by incoming US President Donald Trump.
Read more »
Ringgit Opens Slightly Higher Against US Dollar Amidst Dollar RetreatThe ringgit appreciated slightly against the US dollar in early trade on Wednesday, mirroring the dollar's decline. This movement was spurred by reports suggesting gradual tariff implementations and an unexpected dip in US wholesale inflation, leading market analysts to anticipate a potential shift in global policy direction.
Read more »
Ringgit opens higher against US dollar and Asean currencies amid cautious sentiment before Trump’s inaugurationKUALA LUMPUR, Jan 20 — The ringgit edged higher against the US dollar this morning, buoyed by cautious sentiment ahead of US President Donald Trump’s inauguration, an analyst...
Read more »