Ringgit Set for Range-Bound Trading Ahead of US Economic Data

The Malaysian ringgit is expected to trade within a narrow range against the US dollar next week as investors await key United States economic data for further clues on interest rates.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said attention will be on the US labour market, particularly the nonfarm payrolls report due to be released on October 2.

The ringgit is expected to trade within a range of around RM4.07 to RM4.10 against the US dollar next week, according to Dr Mohd Afzanizam.

The focus will also be on the US Personal Consumption Expenditures inflation report due on September 30, with consensus estimates pointing to an inflation rate of 3.7 per cent in September, unchanged from August.