Ringgit could rise amid global uncertainties?!

WikiFX

| 2023-08-25 12:16

Abstract：The domestic currency is expected to remain within the range of RM4.64 to RM4.65 today.

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An analyst noted that the ringgit started the day with gains against major currencies except for the US dollar.

According to Afzanizam Rashid, Chief Economist of Bank Muamalat Malaysia Bhd, the ringgit has been in an oversold position for a considerable period.

Consequently, it is reasonable to anticipate certain corrective movements. For instance, the ringgit may experience intermittent strengthening, particularly in cases where data indicators unveil vulnerabilities within the global economy.

Highlighting a recent example, the global Purchasing Managers' Index (PMI) for the manufacturing sector stood at 48.7 points in July, falling below the pivotal 50-point threshold. This indicates a growing pessimism among businesses worldwide, as more have turned cautious.

Simultaneously, he observed that investors are eagerly awaiting the speech by Jerome Powell, Chair of the US Federal Reserve (Fed), scheduled for the Jackson Hole Symposium tonight. This address is expected to provide additional insights into the future course of US monetary policy.

The indications suggest that the Federal Reserve is unlikely to deliver a definitive message, despite various data signals hinting at the potential for a shift in monetary policy approach.

“In light of this, it is anticipated that the ringgit will maintain a range approximately between RM4.64 and RM4.65 against the US dollar,” he stated.

As of 9 AM, the domestic currency showed a slight decrease, trading at 4.6535/4.6570 against the US dollar, compared to the previous day's close of 4.6435/4.6485.

During the initial trading session, the domestic currency gained ground against the Japanese yen, trading at 3.1865/3.1891 compared to 3.1932/3.1968 at the previous day's close. It also strengthened against the euro, reaching 5.0230/5.0268 from 5.0373/5.0427, and saw a slight increase against the British pound, trading at 5.8578/5.8622 in contrast to 5.8829/5.8892 previously.

Conversely, the local currency exhibited declines against several ASEAN currencies, although it remained nearly unchanged against the Singapore dollar, hovering at 3.4298/3.4326 from 3.4292/3.4332 recorded at Thursday's close.

Against other regional currencies, it faced depreciation, moving lower against the Thai baht to 13.2749/13.2905 from 13.2645/13.2848 on the previous day's close. Similarly, it weakened against the Indonesian rupiah, trading at 305.1/305.5 compared to 304.5/305.0 previously, and experienced a decrease against the Philippine peso, reaching 8.19/8.21 from 8.17/8.19 on Thursday.

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