Ringgit likely to be in tight range against greenback this week

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Ringgit dollar currency

KUALA LUMPUR: The ringgit is likely to remain in a tight range around the RM4.42 level next week on mixed market sentiment, says an analyst.

Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the market’s major focus next week would be the Consumer Price Index (CPI) for June, which is expected to increase by 8.7% based on consensus estimates from 8.6% in May.

The figures will be published on Wednesday.

Meanwhile, he said it is apparent that the US Federal Reserve is subscribing to the monetarists’ view whereby inflation is always present as a result of the monetary phenomenon.

“This would put it as the frontrunner in terms of the monetary tightening campaign as other central banks are likely to remain measured in their rate hike decision,” he told Bernama.

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Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the market’s major focus next week would be the Consumer Price Index (CPI) for June, which is expected to increase by 8.7% based on consensus estimates from 8.6% in May.

For the week just ended, the ringgit was traded mostly lower against the US dollar as sentiment was weighed down by the stronger greenback.

The ringgit fell against the greenback at 4.4250/4270 last Friday compared with 4.4060/4085 the week earlier.

The ringgit, however, was traded mostly higher against a basket of major currencies on a Friday-to-Friday basis, except for the Japanese yen, where it fell to 3.2577/2595 from 3.2483/2504 previously.

It appreciated against the Singapore dollar to 3.1528/1547 last Friday from 3.1596/1618 the week earlier, gained against the British pound to 5.2888/2912 from 5.3163/3193 and strengthened versus the euro to 4.4777/4797 from 4.5060/6086 previously.

转载说明:本文转载自Sunbet。