Ringgit to Trade Sideways Amid Fed Officials' Speeches

The Malaysian ringgit is expected to trade within a narrow range against the US dollar this week, according to Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid.

The reason for this prediction lies in the upcoming speeches by several US Federal Reserve officials, which are likely to provide insights into their thought process regarding monetary policy decisions.

A key factor influencing these decisions is the risk of higher fuel prices, which may impact economic growth and inflation expectations.

Prior to the Fed officials' speeches, Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid noted that there would be another 25-basis point hike this year, as per the US Fed's latest forecast.