The ringgit closed higher against the US dollar on Tuesday, January 6, rising to 4.0445/0495 from Monday’s 4.0695/0745, as initial safe-haven bids for the greenback subsided. IPPFA Sdn Bhd’s director of investment strategy and country economist, Mohd Sedek Jantan, told Bernama that markets reassessed the US-Venezuela political episode as disruptive but economically contained, with no significant impact on global growth, energy supply, or financial conditions.
As US yields and the Dollar Index (DXY) weakened, high-carry and high-beta currencies like the ringgit rebounded. Mohd Sedek described the divergence as evidence of a short-lived risk-off shock rather than sustained deleveraging.
The ringgit traded mostly higher against major currencies, appreciating versus the Japanese yen (2.5865/5899) and euro (4.7373/7432), but slipping against the British pound (5.4742/4810). Against ASEAN peers, it strengthened versus the Philippine peso and Thai baht but edged lower against the Indonesian rupiah and Singapore dollar.
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Nonetheless, it is highly expected that an intermittent correction may emerge anytime soon
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