To move sideways with a downside bias as markets brace for Trump’s policy moves
Performance: The USD held firm as expected, keeping the ringgit within a narrow 4.50–4.51 range this week. The USD Index briefly surged toward 110.0 on Monday, driven by stronger-than-expected NFP report but eased to 109.0 following a soft US core PPI print.
Market Dynamics: Sentiment toward the USD was mixed. Reports of Trump’s team considering gradual tariff hikes to enhance negotiating leverage while limiting inflationary pressures, added to policy uncertainty. Meanwhile, core CPI undershot expectations, but remained above 3.0% YoY, raising doubts over the Fed’s pace of rate cuts.
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