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Ringgit to Exchange Cautiously Against US Dollar Next Week
Banking & Investment News
The Sun Daily, 14 Sep 18
clock 14-09-2018
hit 198

There is a risk aversion at the moment following fears over the contagious effect from Argentina, Turkey and South Africa alongside the expected imposition of tariffs by US President Donald Trump's administration after the expiry of public comment yesterday, according to Bank Islam Malaysia Bhd Chief Economist Dr. Mohd Afzanizam Abdul Rashid.

It is expected that the Non-Farm Payroll (NFP) employment report will show a healthy reading and this suggests that the US Federal Reserve will increase interest rates at the next Federal Open Market Committee meeting on Sept 26.

"In that sense, emerging currencies assets and currencies are likely to be affected including the ringgit," Mohd Afzanizam said and added that Malaysia will not experience a twin deficit (current account and fiscal deficits).

On a month-to-date basis, the ringgit versus the dollar has lost about 0.86%, better than the Korean won (-0.89%), the Indonesian rupiah (-0.91%) and the Indian rupee (-1.14%), said Mohd Afzanizam.

"In that sense, the local note could be least affected. The support and resistance levels are around RM4.09 and RM4.15. Perhaps the ringgit would linger around these levels in the immediate terms," he said.

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