Ringgit to be range bound against US dollar next week
On a Friday-to-Friday basis, the ringgit fell to 4.1870/1900 against the US dollar from 4.1750/1780 previously. — Picture by Saw Siow Feng
Phillip Capital Management, Asia-Pacific, senior vice president Datuk Dr Nazri Khan Adam Khan said global equities took a sharp turn downwards on Thursday, furthering the global sell-off as the latest ban on Chinese telecommunications giant Huawei saw greater deterioration in the relationship between the US and China.
The selloff this month indicates that markets are pricing in the prospects of a ramp-up in the US-China conflict, as both sides appear to be digging in their heels of late. Tan said investors had been trimming exposure to riskier assets and seeking refuge in safe havens, with gold jumping over one per cent above the psychological US$1,280 level, while yields on the benchmark 10-year US Treasuries are now at their lowest since October 2017.
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