Ringgit's Weakness Against U.S. Dollar May Be Temporary

The ringgit is currently weak, but it should be temporary. USD/MYR may trend lower.

Maybank Investment Bank analysts state in a recent note that the current weakness of the ringgit should only be temporary. They also expect the headwinds in the global economy to continue until the end of the year. It adds that the Fed's hawkish position may be softened towards year-end, as inflation eases. China could also see a stronger level of recovery which would support the ringgit. The resistance is set at 4.6257, and the support is at 4.5500. The USD/MYR is down 0.3% at 4.5990. (EMAIL).