KUALA LUMPUR, Feb 12 : The ringgit is likely to trade at the 4.3200-4.3450 level against the US dollar from Monday onwards with a slightly negative bias as the ringgit is held hostage by external factors and predominantly a more hawkish rewrite of the Federal Reserve narrative as the market starts pricing in more US rate hikes for 2023, said an analyst.
He said while most agree that overall economic growth will recover in China this year, there appears to be a lack of conviction on the magnitude of that rebound. He said from a yuan perspective, investors are hedging bets against the US President Joe Biden administration's anti-China plays accelerating this year.
"Remember that the Chinese, unlike the Americans and those in the western countries, are fundamentally net savers, not net consumers,” he added.Meanwhile, Kenanga Research said the local note is expected to remain pressured above the 4.30 threshold against the US dollar as the market awaits the release of US core inflation and retail sales data, in which a higher-than-expected reading may push the US Dollar Index closer to the 104.0 level.
Source: News Formal (newsformal.com)
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