KUALA LUMPUR, July 11 — The ringgit is expected to move within a narrow range of RM4.05 to RM4.07 against the US dollar next week as investors await the release of the United States Consumer Price Index (CPI) report, which could influence global market sentiment.
SPI Asset Management managing partner Stephen Innes said the US inflation data could be the next major catalyst for currency markets.
“There is a reasonable chance the data could come in softer, particularly if lower energy prices reverse last month’s inflation spike.”
“A softer CPI reading would likely strengthen expectations of a US Federal Reserve monetary policy easing, weighing on the US dollar and providing a more favourable backdrop for the ringgit,” he told Bernama.
On a Friday-to-Friday basis, the ringgit edged slightly lower to 4.0695/0745 against the US dollar from 4.0690/0735 a week earlier.
The local currency traded mostly higher against a basket of major currencies during the week.
It strengthened against the Japanese yen to 2.5148/5181 from 2.5253/5281, and improved against the euro to 4.6502/6559 from 4.6553/6606 previously.
However, it weakened against the British pound to 5.4572/4639 from 5.4325/4385 last week.
The ringgit was mostly stronger against Asean currencies.
It was marginally lower against the Singapore dollar at 3.1520/1561 from 3.1521/1558, but gained against the Thai baht to 12.2101/2302 from 12.2782/2966 previously.
The local currency also strengthened against the Indonesian rupiah to 225.2/225.6 from 226.5/226.8, and improved against the Philippine peso to 6.61/6.62 from 6.62/6.63 last Friday. — Bernama
Malay Mail – Money
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