KUALA LUMPUR, June 8 — The ringgit is likely to trade softer against the US dollar next week, revisiting the RM4.70 level or lower, after the US non-farm payrolls (NFP) data...
The immediate-term outlook for the ringgit was previously seen as constructive, with analysts expecting the local currency to hold under 4.70 to the US dollar. — Picture by Miera ZulyanaKUALA LUMPUR, June 8 — The ringgit is likely to trade softer against the US dollar next week, revisiting the RM4.70 level or lower, after the US non-farm payrolls data released on Friday night came in stronger than expected, said Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid.
“They will be looking at the NFP alongside other economic data, which previously showed the US manufacturing sector’s weak performance, US job openings report for April, US hiring report by private employers in May, and initial jobless claims,” he said. “In particular, the forecast for the Federal Funds Rate — whether they will stick to their game plan to cut the rates this year. This will be the guiding principle and will dictate market sentiment in the near term,” he added.
For the shortened trading week just ended, the ringgit was traded lower versus a basket of other major currencies.
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