Ringgit likely to trade between RM3.90 and RM3.95 next week ahead of Trump-Xi meeting
KUALA LUMPUR, May 9 — The ringgit is expected to trade between RM3.90 and RM3.95 against the US dollar next week ahead of a key meeting between President Donald Trump and President Xi Jinping.
According to reports, Trump is scheduled to meet Xi during his visit to Beijing next week as the United States and China seek to stabilise relations strained by tensions over trade, Taiwan and the Iran war.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said investors are hopeful that the US-Iran conflict would de-escalate and the meeting between both leaders should potentially pave the way for the de-escalation of the war.
“Nonetheless, the situation in West Asia will continue to be the main focal point which can switch the market direction abruptly,” he told Bernama.
On the domestic front, the market is awaiting Malaysia’s first quarter of 2026 (1Q 2026) gross domestic product (GDP) data, which will be released by Bank Negara Malaysia and the Department of Statistics Malaysia on May 15.
According to reports, Malaysia’s GDP is on track to achieve 5.3 per cent growth in 1Q 2026, mainly driven by broad-based expansion across several sub-sectors, including manufacturing, services and construction.
The local market was closed on May 1 in conjunction with the Labour Day public holiday.
The ringgit was higher against the US dollar at 3.9185/9230 on Friday, compared with 3.9690/9740 on Thursday the week before.
The local note traded mostly higher against a basket of major currencies this week.
It strengthened versus the British pound to 5.3354/3416 from 5.3593/3661, appreciated against the euro to 4.6121/6174 from 4.6417/6476, but it edged down versus the Japanese yen to 2.5010/5040 from 2.4907/4942.
The ringgit also traded mostly higher against its Asean peers.
It gained against the Thai baht to 12.1640/1844 from 12.1711/1932, rose versus the Indonesian rupiah to 225.4/225.7 from 228.7/229.2 and edged up vis-a-vis the Singapore dollar to 3.0910/0948 from 3.1061/1103.
However, it was marginally lower against the Philippine peso to 6.46/6.47 from 6.45/6.47.
