Forex
Ringgit Set for Narrow Trading Range Ahead of Fed Comments
The ringgit is likely to trade within a narrow range against the US dollar this week, according to Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid.
A series of speeches by US Federal Reserve officials will draw market attention, and their comments may provide insights into the Fed's thought process on future interest rate hikes.
The Fed has forecast another 25-basis point hike this year, which would increase the degree of conviction for rate hikes in the months to come.
Mohd Afzanizam expects the ringgit-dollar exchange rate to stay cautious and range between RM4.06 and RM4.09 this week.