Ringgit Poised for Weakness as Market Uncertainty Persists

The ringgit is projected to weaken next week during the final trading period of 2024 and the beginning of 2025, with fluctuations likely between 4.47 and 4.50. Stephen Innes, managing partner of SPI Asset Management, anticipates Asian currencies, including the ringgit, to experience a cautious period as market participants navigate mixed signals and geopolitical concerns during the thin trading week.

He explains that while the US dollar typically weakens seasonally at this time, President-elect Donald Trump's impending tariffs introduce an added layer of uncertainty. Locally, investors also adopt a cautious stance due to concerns regarding China's economic issues, particularly the substantial US$411 billion special bond issuance planned for next year and its potential impact on consumer demand. Mohd Sedek Jantan, UOB Kay Hian Wealth Advisors' head of investment research, anticipates a decrease in the ringgit's movement next week, following a cautious approach expected from the Federal Reserve. Entering 2025, Asian currencies are anticipated to weaken against the US dollar during the first six months, driven by market reactions to Trump's re-election and anticipated trade tariffs. Since Trump's victory in early November, the US Dollar Index has surged approximately 4.0 percent to 107.6, the highest level in two years, reflecting expectations of potential tariffs on US trade partners

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