Resilient amid delayed tariffs and shifting risk sentiment
Performance: The ringgit traded softer-than-expected, hovering around 4.47–4.50/USD, but resisted a sustained break above the key 4.50 threshold. FX markets were thrown into disarray this week amid renewed trade tensions, driven by Trump’s tariff manoeuvres.
Market Dynamics: The ringgit briefly slipped past 4.50/USD intraday after Trump imposed sweeping tariffs on 75 countries—including a 104.0% rate on Chinese goods—prompting a knee-jerk selloff. The losses were short-lived, however, as markets recalibrated after a 90-day tariff pause for most countries. The DXY fell below 101.0, reflecting growing risk aversion toward US assets.
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