After a roller coaster week of Malaysia’s political power struggle, ringgit strengthened in an apparent response to BNM and FOMC interest rate cuts aimed to bolster the economy from COVID-19 outbreak. The abrupt US rate cut of 50 bps is seen spurring money flow from the US to Asian markets due to anticipation for better returns, consequently weakening the dollar.
The ringgit is set to endure market turbulence this week amid evolving political situation and heightened risk of COVID-19 as number of cases rose significantly.
Technical Analysis
EMA suggests that ringgit may lose ground against the greenback by 0.22%.
The technical outlook for this week shifted towards a bullish USD trend, with an immediate resistance seen at 4.198, followed by 4.224. A downward bias could emerge, should the pair break below the 4.155 support level.
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