Ringgit Expected To Trade In Cautious Mode Next Week Amid US Tariff Uncertainty
By Zufazlin Baharuddin
KUALA LUMPUR, May 31 (Bernama) -- The ringgit is likely to be traded cautiously against the US dollar next week amid ongoing uncertainties surrounding US tariff policy developments, said Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid.
This follows renewed market uncertainty after a US federal appeals court granted the White House's request to temporarily pause a lower-court ruling that struck down President Donald Trump's tariffs on imports into the country.
Earlier, the US Court of International Trade had ruled that the tariffs announced by Trump were illegal. However, the Trump administration challenged the ruling, which has briefly restored the tariffs while the appeal process runs its course.
Besides that, he said attention will also turn to the upcoming US Federal Reserve's Federal Open Market Committee (FOMC) meeting scheduled for June 16-17.
'Key US economic indicators, particularly labour market data and inflation figures, will be closely watched.
'Important data releases such as nonfarm payrolls, the unemployment rate, and the Institute for Supply Management manufacturing index will serve as critical guidance for investors and traders,' he told Bernama, adding that current data suggests a moderating growth outlook.
Hence, Mohd Afzanizam said the FOMC is likely to maintain its interest rate stance, given that tariff-related policies could pose future inflationary risks.
Given these developments, he opined that the USD/MYR is expected to remain within the RM4.22–RM4.24 range in the coming week.
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