Bracing for volatility as market navigate shockwaves from new tariff measures
Performance: As expected, the ringgit traded defensively within the 4.43–4.45 range against the USD, shrugging off the impact of Trump’s tariffs. A brief spike above 4.48/USD on Liberation Day proved short-lived, as the USD softened meaningfully soon after.
Market Dynamics: The USD initially rallied on safe-haven demand ahead of the anticipated tariff announcement. However, sentiment swiftly reversed after Trump delivered tariff blow to Southeast Asia. Renewed concerns over US economic fragility and a sharp equity selloff USD lower. In the region, the PHP and SGD outperformed due to their relatively limited exposure to the trade measures.
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