Downward trend for the Ringgit to continue

The ringgit is expected to remain stable in the coming week, despite facing potential downward pressure from the strong US dollar. Currently, the US dollar is in a favorable position, bolstered by robust economic data and a resilient labor market. The recent cautious stance from the US Federal Reserve regarding interest rate cuts adds to this bullish sentiment.

Downward trend

In contrast, the European Central Bank has recently cut rates, with the potential for further reductions due to sluggish economic conditions in Europe, particularly in Germany. Japan is also not expected to raise rates, while several ASEAN countries, including Thailand, have begun to lower their policy rates.

Throughout the past week, the ringgit has traded mostly lower against the greenback, affected by the stronger US dollar. On a Friday-to-Friday basis, the ringgit fell to 4.3045/3075 against the US dollar, down from 4.2865/2910 the previous week.

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