Ringgit Tipped to Trade Between 4.07 and 4.09 vs USD Next Week
The ringgit is expected to trade between 4.07 and 4.09 against the US dollar next week, according to Bank Muamalat Malaysia Bhd's chief economist Dr Mohd Afzanizam Abdul Rashid.
This forecast comes as several key US economic data releases are scheduled for release, which will likely guide market sentiment. These indicators include the Institute for Supply Management (ISM) indices, Job Openings and Labor Turnover Survey (JOLTS), nonfarm payrolls, and unemployment rate.
Afzanizam noted that the case for a September rate hike remains intact, but the weaker-than-expected US gross domestic product growth in the second quarter suggests that a prolonged policy pause cannot be entirely ruled out. This possibility could provide some support for the ringgit next week.