Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid says the US dollar/ringgit pair has surpassed the previous resistant level of 4.6257 and reckons the next resistant level to be at 4.7495. – The Malaysian Insight file pic, May 26, 2023.
Bank Muamalat Malaysia Bhd chief economist and social finance head Mohd Afzanizam Abdul Rashid said Fitch Ratings’ move to put the United States’ AAA credit rating on negative watch on the risk of sovereign default suggested that a downgrade is on the horizon. “It remains to be seen whether the US Congress will agree to lift the debt ceiling soon. One cannot totally disregard the political angle as the Republicans might leverage the situation in light of the lower approval rating of the sitting president,” he said.