Ringgit to trade in tight range with upside bias next week
The ringgit is expected to trade in a tight range between RM4.54 and RM4.55 with an upside bias next week as investors await the outcome of the United States Federal Open Market Committee meeting. – The Malaysian Insight file pic, July 22, 2023.
Bank Muamalat Malaysia Bhd chief economist and social finance head Dr Mohd Afzanizam Abdul Rashid said the FOMC meeting, which will be held on July 25-26, is widely expected to announce a 25 basis point hike in the Fed Fund Rate . “On one hand, concern over weaker global growth prospect will result in a higher US dollar as investors seek refuge in the safe haven currency. On the other hand, the Federal Reserve may want to shift its stand in preparation for the eventual cut in the FFR possibly next year.
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