To hold firm as US labour data takes centre stage, geopolitical risk fade
Performance: As anticipated, the ringgit traded modestly weaker, hovering around 4.05 to 4.07 against the USD, even after the US attack on Venezuela over the weekend.
Market Dynamics: The initial flight to USD safety early on Monday proved brief, as the risk of an imminent US military response eased. Weaker US economic data then encouraged investors to unwind earlier USD-long positions, driving a broad pullback in the greenback. Seasonal inflows and mixed signals from secondary US labour data later helped the DXY to regain some traction, stabilising near the 99.0 level.
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