Still on the high side as ringgit likely to trade at the 4.70 level next week

KUALA LUMPUR (Bernama): The ringgit is likely to continue trading at the 4.70 level against the US dollar this week, underpinned by an unfavourable risk environment marked by geopolitical uncertainty, the waning US Federal Reserve (Fed) rate cut expectations and China's lack of definitive stimulus measures.

Kenanga Research said, nevertheless, the ringgit may benefit from a potential hawkish shift in the Bank of Japan's monetary policy direction, and if the US fourth-quarter 2023 (4Q 2023) gross domestic product (GDP) data unfolds weaker than expected.