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Abstract：The Malaysian ringgit began the week steady against the US dollar, showing little movement due to a lack of market catalysts during the holiday-shortened trading week.
The Malaysian ringgit began the week steady against the US dollar, showing little movement due to a lack of market catalysts during the holiday-shortened trading week. The currency opened at 4.4680/4750 against the greenback at 8 am, mirroring its close from last Friday.
Market sentiment remains subdued, with attention focused on developments in the United States economy. Dr Mohd Afzanizam Abdul Rashid, Chief Economist at Bank Muamalat Malaysia Bhd, explained that the ongoing holiday period is keeping activity in the currency markets muted. He noted that concerns surrounding the US debt ceiling are dominating investor focus.
The economist highlighted a warning from the US Treasury Secretary that the government could reach its borrowing limit by mid-January. Recent political uncertainty over a potential government shutdown, combined with hawkish rhetoric from President Donald Trump and prominent businessman Elon Musk, has added to the unease. Dr Afzanizam observed that these issues might create challenges as the new US president prepares for inauguration on 20 January.
With these developments in mind, the ringgit is expected to trade within a narrow range, reflecting the cautious sentiment in the market.
The ringgit faced a mixed performance against other key global currencies. While it gained slightly against the Japanese yen, rising to 2.8296/8343 from 2.8300/8346 last Friday, it weakened against the British pound, sliding to 5.6199/6287 from 5.5904/5991. Similarly, it declined against the euro, ending at 4.6601/6674 compared to 4.6489/6574 previously.
The local note also showed varied performance within the ASEAN currency bloc. It weakened against the Singapore dollar, slipping to 3.2899/2955 from 3.2846/2900, and fell against the Thai baht, trading at 13.1196/1583 from 13.1023/1289.
However, the ringgit strengthened marginally against the Indonesian rupiah, improving to 275.1/275.7 from 275.4/276.1. Its position remained unchanged against the Philippine peso, holding steady at 7.72/7.74.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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