Ringgit to trade at 4.40-4.41 v US dollar next week
A Bank Muamalat Malaysia economist expects the US Federal Reserve not to raise interest rates in May, allowing the ringgit to strengthen slightly against the US dollar. – The Malaysian Insight file pic, April 8, 2023.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit is already at an overbought position from the technical chart, implying that some correction is quite likely in the near term. “However, should the NFP report be higher than market expectations, there is a tendency for the US dollar to strengthen as the Fed will likely continue to deliver a 25-basis-point hike in May.
Meanwhile, the local note traded mostly lower against a basket of major currencies compared to seven days ago.
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