KUALA LUMPUR, May 21 — The ringgit is expected to move range-bound between RM4.38 and RM4.40 against the US dollar next week as investors mull cutting their long US dollar...
KUALA LUMPUR, May 21 — The ringgit is expected to move range-bound between RM4.38 and RM4.40 against the US dollar next week as investors mull cutting their long US dollar exposure in G10 currencies due to rising worries over a possible global recession, said an analyst.
He said traders are starting to price in a recession, so the US growth and economic data will continue to be under the market glare. “Besides, I think the interest rate cut by China signals that the mainland is moving closer to reopening , so I can see the ringgit trade on a better tone and move into the RM4.38 level, so I look for RM4.38-RM4.40 next week.”