KUALA LUMPUR, May 2 — The ringgit is expected to trade within a narrow range next week, hovering between RM3.96 and RM3.98 against the US dollar ahead of key United States data.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the focus next week would be on the US labour market data, particularly the Nonfarm Payrolls (NFP).
“This is a critical data point as the Federal Reserve needs to see convincing evidence that the labour market is softening. Otherwise, it is likely to maintain its restrictive monetary stance,” he told Bernama.
The ringgit was marginally lower against the US dollar at 3.9690/9740 on Thursday, compared with 3.9630/9670 at the end of the previous trading week.
The local note traded weaker against a basket of major currencies this week.
It eased against the British pound to 5.3593/3661 from 5.3429/3483, depreciated against the euro to 4.6417/6476 from 4.6312/6358, and it shaved versus the Japanese yen to 2.4907/4942 from 2.4808/4834.
However, the ringgit traded mostly higher against its Asean peers.
It strengthened against the Thai baht to 12.1711/1932 from 12.2183/2363, elevated against the Philippine peso to 6.45/6.47 from 6.52/6.53, and gained versus the Indonesian rupiah to 228.7/229.2 from 230.0/230.3.
Meanwhile, it was marginally lower versus the Singapore dollar to 3.1061/1103 from 3.1009/1043.
The local market was closed on Friday in conjunction with the Labour Day public holiday. — Bernama
