To rangebound amid tentative easing in US-China tensions
Performance: After briefly weakening to 4.26/USD last Friday, the ringgit regained some ground this week, trading within the 4.23 – 4.25 range as expected, aided in part by a subdued DXY.
Market Dynamics: The USD initially slipped after the US doubled tariffs on steel and aluminium, and Trump threatened a “revenge tax.” Weak ISM print and growing fiscal concerns added pressure. Still, the greenback rebounded on strong JOLTs data and renewed optimism over Trump-Xi trade talks. That said, softer ADP jobs data and rising jobless claims point to cracks in the labour market.
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