Faces choppy waters as trade tensions and Fed bets weigh in
Performance: The ringgit briefly strengthened below 4.40/USD on Monday, buoyed by soft US macro and expectations that Trump’s tariffs would be short-lived. However, it later retreated to 4.44/USD after Trump reaffirmed the Canada-Mexico tariffs (March 4).
Market Dynamics: The USD found support as the House passed the budget blueprint, though a weak US consumer confidence reading deepened concerns over slowing consumption and growth, shifting investor expectations to two Fed cuts this year. Meanwhile, a market-friendly German election result and the US-Ukraine mineral deal strengthened the EUR, pressuring the USD.
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