Ringgit Likely to Remain Stable Next Week
0517 GMT — The Malaysian ringgit is likely to remain stable around 4.40 next week, benefiting from macro stability, Kenanga IB economists say in a note. Despite short-term relief from possible de-escalation of U.S.-China trade tensions, the economists see structural challenges weighing on the dollar, with fading U.S. exceptionalism possibly shifting global forex reserve allocations. The euro may benefit most from this realignment, they reckon. Technically, the pair's outlook appears neutral and could hover around 4.416, they add. Kenanga pegs USD/MYR's short-term resistance at 4.412 and support at 4.406. USD/MYR is flat at 4.4078. (yingxian.wong@wsj.com)
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