RINGGIT

THE ringgit is likely to be on a downtrend against the US dollar as negative global growth sentiment weigh the currency’s performance, said OANDA head of Trading Asia Pacific, Stephen Innes.

He said the ringgit would be traded at around 4.17 to 4.20 to the dollar while the oil market would also act as a determinant in the currency’s movement.

“Waning global growth sentiment continues to drag equity markets into the tank after a double whammy of major economic data misses has sent investors scurrying for cover.

“Weak growth in both China and the Eurozone are also providing the critical fundamental reasons to be underweight on equities, which will weigh on ringgit sentiment as investors flock to US treasuries and support the dollar on haven appeal,” he told Bernama.