Beneficiary of a shifting dollar order
We revise our 2025 year-end ringgit forecast to 4.08/USD, citing clearer signs of a structural shift in global currency dynamics. De-dollarisation, once thought as a decade-long process, is accelerating. With rising US fiscal risks, the ringgit appears set to return to its pre-COVID trading range.
The USD’s supremacy is no longer absolute. Central banks are diversifying away from USD reserves, gold demand is surging, and new payment systems are circumventing US financial infrastructure. The shift, once marginal, is becoming structural—driven by geopolitical risk, US fiscal indiscipline, and the rise of non-USD trade in Asia.
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