KUALA LUMPUR, May 18 — The ringgit is expected to trade in a narrow range of 4.67 to 4.69 against the US dollar next week due to the absence of key economic data, said Kenanga...
KUALA LUMPUR, May 18 — The ringgit is expected to trade in a narrow range of 4.67 to 4.69 against the US dollar next week due to the absence of key economic data, said Kenanga Investment Bank Bhd.
In a note, it said the sentiment expressed in the publication of US Federal Open Market Committee minutes on May 22, 2024, is likely to be the primary driver of the ringgit’s trajectory, with a dovish stance potentially leading to a depreciation of the US dollar and benefiting the local currency. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that there will be a line-up of US Federal Reserve speakers next week who will share their thoughts on the state of the economy.
Among the speakers are Fed chairman Jerome Powell, Fed governor Christopher Waller, Fed vice-chairman Philip Jefferson and Fed vice-chair for supervision Michael Barr.“We shall expect some volatility as the Fed members are likely to exert their assertiveness over inflation, which can lead to further uncertainty.On a Friday-to-Friday basis, the ringgit appreciated to 4.6865/6890 versus the greenback from 4.7385/7410 a week earlier.The local note rose against the British pound to 5.
However, it was down against the Thai baht to 12.9390/9516 from 12.9009/9137 a week earlier. — Bernama
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