To consolidate as markets eye trade developments
Performance: The ringgit once again exceeded expectations, strengthening towards the 4.32/USD level. Its resilience appears underpinned by Malaysia’s relative macroeconomic stability and Bank Negara Malaysia’s (BNM) consistent policy stance.
Market Dynamics: The USD gained some support from tariff exemptions on auto parts and a marginally weaker EUR. Despite a 1Q25 US GDP contraction (-0.3% QoQ), markets largely attributed this to front-loaded imports (+41.3%). The USD also drew strength from improved geopolitical sentiment, including revived US-China trade talks and a US-Ukraine deal on critical minerals.
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