Ringgit set to hover between RM4.37 and RM4.38 next week
KUALA LUMPUR, April 26 — The ringgit is expected to hover within a tight range of RM4.37 to RM4.38 next week, as markets focus on a series of key US data releases, said Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid.
He noted that the upcoming release of the US Conference Board Consumer Confidence Index for April is expected to show a decline to 88.5 points, down from 92.9 in March, with analysts forecasting the drop.
This will be followed by the Institute for Supply Management (ISM) Manufacturing Index, which is expected to fall further to 47.9 points in April.
Additionally, the US non-farm payroll and personal consumption expenditures inflation reports will also be closely watched, he added.
"It will be a data-heavy week, with markets looking for clues on whether the US Federal Reserve (Fed) may reduce the Fed Funds Rate in the near term.
"We remain positive on the ringgit, as prospects for US rate cuts are gaining momentum,' he told Bernama.
The ringgit ended the week at 4.3705/3770 against the US dollar, marking an improvement from 4.4100/4175 the previous week.
It also gained against the euro, strengthening to 4.9596/9670 from 5.0133/0218 last week, rose versus the Japanese yen to 3.0431/0481 from 3.0971/1028, and appreciated against the British pound to 5.8128/8214 from 5.8516/8616.
The ringgit traded mostly higher against ASEAN currencies, gaining against the Indonesian rupiah to 259.6/260.2 from 261.2/261.8, appreciating against the Singapore dollar to 3.3228/3280 from 3.3603/3667, and strengthening against the Thai baht to 13.0195/0450 from 13.1599/1902.
However, the local note traded almost flat against the Philippine peso, at 7.77/7.78 from 7.77/7.79 the previous Friday. — Bernama
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