Ringgit to Reverse Gains Against USD This Week: Kenanga Research

The Malaysian Ringgit is expected to reverse its gains against the USD in the first week of 2022 amid profit-taking activities and a potential rise in the DXY.

Kenanga Research said that a stronger-than-expected US December jobs report and more hawkish FOMC minutes may give the USD a strong fillip for this week.

“However, the ringgit may continue to be supported around the 4.17-4.18 level amid positive domestic economic prospects and higher Brent crude oil price,” the research house said.

The Malaysian ringgit closed 2021 higher by 0.7% against the USD to 4.167 as compared to last week, its highest weekly gains since September 3.

Kenanga said that the key drivers of the ringgit’s strength were prevalent risk-on mood due to receding Omicron fears, a 2.2% WoW rise in Brent crude oil price, the strong performance of the yuan, and better-than-expected Malaysia trade figures.

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