Ringgit poised to extend gains after breaching key 4.0 Level: UOB

Ringgit poised to extend gains after breaching key 4.0 Level: UOB
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KUALA LUMPUR (Jan 5): Ringgit is set to climb further after strengthening past the psychological level of 4 to the dollar, as higher crude prices and a possible domestic interest-rate
hike buoy sentiment, says Peter Chia, a currency strategist at United Overseas Bank in Singapore.

* “The same set of factors which underscored MYR’s gains since November are getting stronger,” says Chia. “Below 4.00, our next target on the downside is 3.98 in the near term”

* BNM may tighten policy as early as the next policy review on Jan. 25: Chia

* NOTE: Ringgit climbs as much as 0.3% to 3.9950 vs USD to reach its strongest since August 2016, before trimming gains to trade at 4.0015