There are expectations of a longer-than-expected high-interest rate environment contributing to the weakening of the ringgit-US dollar pair.
SPI Asset Management managing director Stephen Innes said exports from South Korea and Taiwan into China are flagging, suggesting that consumption in China has not gained traction since the lifting of the zero-Covid measures early this year, although exports from Malaysia to the country have held up.
He added there are expectations of a longer-than-expected high-interest rate environment contributing to the weakening of the ringgit-US dollar pair. After three months of strengthening as the US dollar, the ringgit has had a poor February, falling from a high of 4.228 on Feb 2 to close at a low of 4.43 last Friday as expectations grow for the Fed to turn more hawkish in the months ahead as inflation remain elevated the American economy.
Ferlito said the country needs to undertake reforms which are mostly related to the ease of doing business, fiscal policies and labour legislation.“We do not need allocation of money, but structural reforms in regulation,” Ferlito added.
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