Ringgit Malaysia likely to trade at the 4.32-4.35 level from Monday (Feb 13) onwards

KUALA LUMPUR, Feb 12 (Bernama): 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 (Fed) narrative as the market starts pricing in more US rate hikes for 2023, said an analyst.

SPI Asset Management managing partner Stephen Innes said this is despite Malaysia posting the highest growth in decades. Unfortunately, the global outlook is dimming because of higher interest rates in developed markets.