Market Jitters To Set Tone For Ringgit Next Week, With RM4.24-RM4.26 Range Expected
By Harizah Hanim Mohamed
KUALA LUMPUR, July 19 (Bernama) -- The ringgit is expected to hover around RM4.24 to RM4.26 next week amid mixed signals in the market.
This follows the anticipation of a potential meeting between United States (US) President Donald Trump and Chinese leader Xi Jinping, as well as the upcoming Federal Open Market Committee (FOMC) meeting by the end of the month.
SPI Asset Management managing partner Stephen Innes said the market is expected to adopt a tone of cautious optimism next week, as the potential Trump-Xi meeting could reset the US-China dialogue, lifting broader Asian sentiment.
'For Malaysia, any thaw in trade tensions could brighten the macro outlook and, by extension, offer a floor to the ringgit in the near term. That diplomatic backdrop, however tentative, has helped curb more aggressive ringgit selling into the weekend,' he told Bernama.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said that the next FOMC meeting will be held on July 29 and 30, and therefore, market participants will be closely watching to see whether the US Federal Reserve (Fed) will cut the Fed Fund Rate.
'Next week, there are not many data points to look at other than some comments from the Fed officials; thus, the market will be adopting a wait-and-see stance,' he added.
Meanwhile, Kenanga Investment Bank Bhd said the ringgit remains supported by improving domestic fundamentals, rising foreign direct investment inflows, and infrastructure catalysts such as the resumption of the Mass Rapid Transit 3 project.
'We expect US dollar-ringgit to range between RM4.23 to RM4.25 per US dollar in the near term,' it said in a note today.
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