Ringgit Expected to Remain Range-Bound Ahead of Fed Officials' Speeches

The Malaysian ringgit is expected to remain range-bound against the US dollar next week due to upcoming speeches by Federal Reserve officials, said Dr Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd.

A series of Fed officials will share their thoughts with the public, which may provide insights into their thought process on a potential rate hike. The US Fed has forecasted another 25-basis point hike this year, and analysts are waiting to see the degree of conviction for future rate hikes.

The ringgit-dollar exchange rate is expected to trade between RM4.06 and RM4.09 next week, according to Dr Mohd Afzanizam. On a Friday-to-Friday basis, the ringgit weakened against the greenback to 4.0795/0840 from 4.0685/0725 last week.