KUALA LUMPUR, April 25 — The ringgit is likely to trade range-bound next week despite a recovery in oil prices as global sentiment remains uncertain. AxiCorp global chief market strategist Stephen Innes said following the extension of the movement control order (MCO) in the country until May 12,...
Saturday, 25 Apr 2020 10:41 AM MYT
AxiCorp global chief market strategist Stephen Innes said following the extension of the movement control order in the country until May 12, renewed concerns on demand-driven issues could come back to the fore. Meanwhile, FXTM market analyst Han Tan said the ringgit/US dollar is expected to remain supported above its 50-day moving average which currently resides at 4.2979.
Looking further ahead, he said should oil prices recover further in May as the Organisation of the Petroleum Exporting Countries plus supply cuts kick in and major economies reopen, it could translate into more support for the ringgit as well.
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