Ringgit Maintains Strength Against Us Dollar Amid Tariff Shock


 The local note rises to 4.2100/4.2410 on US fiscal deficit concerns from tax cut measures.
KUALA LUMPUR: The ringgit continued to strengthen against the US dollar at opening today, driven by tariff shocks that are expected to negatively impact the US economy, said an analyst
At 8.04am, the local note rose to 4.2100/4.2410 versus the greenback from Friday’s close of 4.2285/4.2345.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the recent tax cut legislation passed by the US House of Representatives is expected to widen the fiscal deficit and increase government debt levels.
“The sovereign rating downgrade by Moody’s Ratings, which occurred prior to the legislation’s approval, has pushed US Treasury yields higher, with 30-year bonds exceeding the 5.0% mark, making borrowing more expensive.
“As a result, markets are now at a critical crossroads, as the US dollar, traditionally seen as a safe-haven currency, is having that status revisited,” he noted.
As such, the ringgit is expected to remain positive in light of the weak US dollar, he added.
Afzanizam said the current US$/RM support and resistance levels are at 4.0942 and 4.2624, respectively.
“Assuming the ringgit strengthens by a further 0.5% this week, the US$/RM pair could settle around 4.2103, within a range of 4.22 to 4.23,” he said.
At the opening, the ringgit traded higher against a basket of major currencies and Asean currencies.
It appreciated against the British pound to 5.7016/5.7436 from 5.7072/5.7153 at Friday’s close, gained vis-à-vis the euro to 4.7918/4.8271 from 4.7985/4.8053, and rose against the Japanese yen to 2.9490/2.9709 from 2.9502/2.9546.
Against regional peers, the ringgit improved against the Singapore dollar to 3.2775/3.3022 from 3.2891/3.2940 last Friday, and strengthened against the Thai baht to 12.9173/13.0252 from 12.9744/13.0012 previously.
The local note also rose vis-à-vis the Philippine peso to 7.61/7.68 from 7.65/7.66, and increased against the Indonesian rupiah to 259.6/261.5 from 260.7/261.1 previously. - FMT


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