Political risks, trade tensions continue to pressure ringgit

Average forecast for 2019 remains at MYR4.15/USD.

Political risks and the US-China trade tensions continue to weigh down on the ringgit, which has mostly traded sideways in the weaker half of the short-term trading band, according to an S&P Global Ratings report.

The ringgit traded mostly between MYR4.05/UDS and MYR4.20/USD, with a YTD average to MYR4.14/USD. Average forecast for 2019 remains at MYR4.15/USD.

Domestic political risks such as ethnic tensions, internal strife with Anwar Ibrahim’s Parti Keadilan Rakyat, as well as persistent uncertainty over the promised handover from Prime Minister Mahathir Mohamad before his term ends in 2023 continue to weigh down on the ringgit. S&P noted that even if those risks fail to materialise, it is likely to have a negative impact on investor sentiment.

S&P also maintains its 2020 average forecast of MYR4.25/USD despite the likelihood that a “Phase One” trade deal would offer to emerging market currencies in general.

Photo courtesy of Pexels.com.

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