Ringgit may range at RM4.57-RM4.60 next week FMTNews FMTBusiness
PETALING JAYA: The ringgit will likely trade at a narrow range of RM4.57 to RM4.60 against the US dollar next week due to indications of a stronger greenback, said an analyst.
With that in mind, data points from China should continue to take centre stage next week, said Afzanizam. He said there exists a possibility that the ringgit may appreciate given the technical indicator suggesting that it is already at an oversold position. Hong Leong Research, in a note, said that the US dollar traded higher for a second straight week, advancing by 0.3% week-on-week after Malaysia’s industrial production for June contracted by more than expected, reinforcing expectations of a slowing economy.“The focus will be on the weekend state elections and second-quarter gross domestic product data on Aug 18 domestically, where we expect growth to decrease by half from the 5.6% registered in the first quarter.
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