Ringgit set to trade cautiously next week as US debt ceiling deadline looms

The ringgit is projected to trade in a narrow range this week as the US debt ceiling deadline looms on June 1.

SPI Asset Management managing director Stephen Innes noted that the ringgit traded stronger on Friday on a relief rally after some positive developments in the debt ceiling talks, raising hopes that a deal could be reached before June 1.

"Based on a more hawkish US Federal Reserve outlook, we could see ringgit trading within the 4.59 to 4.61 level next week. On Malaysia’s consumer price index , Innes noted that Malaysia’s inflation moderated to 3.3 per cent in April due to lower food prices while core inflation, which removes items such as fresh food and energy from the gauge, also fell to 3.6 per cent year-on-year .

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the latest CPI showed that the disinflationary trend has continued to prevail.Meanwhile, the local note depreciated versus a basket of major currencies over the seven-day span.

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