Ringgit Set for Trade Range Amid Key US Economic Data
The Ringgit is expected to trade between 4.07 and 4.09 against the US Dollar next week, according to Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid.
This prediction comes as a series of key United States economic data releases will guide market sentiment, particularly with regard to the Federal Reserve's interest rate outlook.
The upcoming week will be 'data-heavy' in the US, with indicators such as the Institute for Supply Management (ISM) indices, Job Openings and Labor Turnover Survey (JOLTS), nonfarm payrolls, and the unemployment rate all scheduled for release.
Mohd Afzanizam noted that these data releases will help shape market sentiment, especially considering the lack of clear forward guidance in the latest Federal Open Market Committee (FOMC) statement.