From Malay Mail · · 1m
Ringgit Trades Between RM4.06 and RM4.09 Against Dollar
Fed officials weigh further rate hike as ringgit stays range-bound next week.
In brief
Fed officials weigh further rate hike as ringgit stays range-bound next week. Ringgit is expected to trade between RM4.06 and RM4.09 against the US dollar next week due to cautious market sentiment from anticipated Fed rate hikes. Originally reported by Malay Mail.
Ringgit Trading Range
The ringgit is expected to trade between RM4.06 and RM4.09 against the US dollar next week.
“We foresee the ringgit-dollar (rate) to range between RM4.06 and RM4.09 next week”
Fed Officials Weigh Rate Hike
Fed officials are expected to share their thoughts on further rate hikes, influencing market sentiment.
“Hence, we will see the degree of conviction for rate hike in the months to come”
Rate Hike Forecast
The US Fed forecast predicts another 25-basis point rate hike this year.
“there would be another 25-basis point hike this year”
Ringgit Weakens Against Dollar
The ringgit weakened against the US dollar to 4.0795/0840 from 4.0685/0725 a week earlier.
“weakened against the greenback to 4.0795/0840 from 4.0685/0725 a week earlier”
Ringgit Strengthens Against Currencies
The ringgit strengthened against the British pound, Japanese yen, and euro during the week.
“appreciated versus the British pound to 5.4543/4603 from 5.4961/5015”
Ringgit Weakens Against Peso
The ringgit slipped against the Philippine peso to 6.50/6.51 from 6.49/6.50 last Friday.
“slipped against the Philippine peso to 6.50/6.51 from 6.49/6.50 last Friday”
In short
Ringgit is expected to trade between RM4.06 and RM4.09 against the US dollar next week due to cautious market sentiment from anticipated Fed rate hikes.
