Bullish Streak In Ringgit To Continue This Week

Kenanga Research said that the ringgit may continue its positive momentum against the greenback this week as global economic sentiment improves.

It said that additionally, RM may be supported by higher crude oil prices, favourable bond yield differentials, better-than-expected trade figures and improving domestic COVID-19 situation.

Reviewing the ringgit’s performance last week, Kenanga Research said that after trading above the 4.200 level against the USD from Monday to Thursday last week, the ringgit strengthened to 4.196 on Friday as real-world data from the UK indicate that Omicron infections are less severe than Delta.

It said that to note, most risky assets resumed their risk-on rally as investors turned more optimistic about the global economic outlook. To add, the local note also benefited from a 3.6% WoW rise in Brent crude oil price.

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