To remain rangebound amid key global risk
Performance: The ringgit remained stable, trading between 4.42 and 4.45 against the USD. Meanwhile, the USD index (DXY) hovered in the 106.0–107.0 range, weighed down by easing market concerns over Trump’s tariff threats and weak US retail sales data, which signalled a softer start to 2025.
Market Dynamics: The ringgit’s stability reflected broader market sentiment, with risk-on appetite buoyed by signs of a potential ceasefire in Ukraine. However, the DXY found some support from signs of US-Russia cooperation, which pressured the EUR amid rising fears of Trump’s isolationist policies. Trump’s floated idea of a 25.0% tariff on autos and chips also bolstered the USD.
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