Ringgit expected to trade between 4.07 and 4.09 against US dollar next week
The Malaysian ringgit is expected to trade between 4.07 and 4.09 against the US dollar next week as markets await key US economic data. Analysts suggest that potential shifts in Federal Reserve interest rate policy could influence the currency's performance.
Why it matters
Currency fluctuations impact international trade costs and investment flows for emerging markets like Malaysia.
KUALA LUMPUR: The ringgit is expected to trade between 4.07 and 4.09 against the US dollar next week, with market sentiment likely to be guided by a series of key United States (US) economic data releases and their implications for the Federal Reserve’s interest rate outlook.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the coming week would be data-heavy in the US, with several key indicators and the labour market scheduled for release.
These include the Institute for Supply Management (ISM) indices, the Job Openings and Labor Turnover Survey (JOLTS), nonfarm payrolls and the unemployment rate, all of which are expected to shape market sentiment.
"This is particularly important given the lack of clear forward guidance in the latest Federal Open Market Committee (FOMC) statement.
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