Improved risk sentiment signals modest gains
Performance: The ringgit held firm in the 4.22–4.24/USD range, defying a mild DXY rebound above 99.0. Persistent bond inflows and improved risk appetite helped lift the local note.
Market Dynamics: The greenback found support after Trump adopted a more conciliatory stance toward the EU, including a tariff extension. A sharp recovery in US consumer confidence and hawkish-leaning FOMC minutes also buoyed sentiment. Although the USD initially rallied on a US Court of International Trade ruling that deemed most of Trump’s tariffs unlawful, broader global risk-on sentiment subsequently lifted Asian currencies.
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