Ringgit Likely to Stay Cautious Amid Fed Speeches and Rate Hike Fears
The Malaysian ringgit is expected to trade in a narrow range against the US dollar next week, according to Dr Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd.
This prediction comes as several US Federal Reserve officials are set to share their thoughts on the economy, which could provide more insight into the Fed's thought process and potentially impact interest rates.
The latest US Fed forecast suggests another 25-basis point hike this year, which would be a key factor in determining the degree of conviction for rate hikes in the coming months.
In the meantime, the ringgit has been trading within a narrow range against the dollar, with Dr Afzanizam expecting it to stay cautious next week and remain between RM4.06 and RM4.09.