THE ringgit would likely continue trading at the 4.70 level against the US dollar next week, underpinned by an unfavourable risk environment marked by geopolitical uncertainty, the waning US Federal Reserve (Fed) rate cut expectations and China’s lack of definitive stimulus measures.

Kenanga Research said, nevertheless, the ringgit might benefit from a potential hawkish shift in the Bank of Japan’s monetary policy direction, and if the US fourth-quarter 2023 (4Q 2023) gross domestic product (GDP) data unfolds weaker than expected.