To rangebound at 4.40-4.45/USD with downside bias as trade war risks weigh on markets
Performance: The ringgit swung between gains and losses, briefly weakening beyond 4.50/USD on Monday after the Trump administration imposed tariffs. However, it later stabilised near 4.42-4.44/USD following a last-minute 30-day deal to delay tariffs on Mexico and Canada.
Market Dynamics: Risk aversion persisted as China, now the sole tariff target, responded with measured retaliation. Recession fears pushed the 10-year UST yield below 4.50% (first time since Dec 2024), while Trump’s speculative remarks on Gaza added uncertainty, dampening sentiment.
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