QualampurAn analyst stated that the Ringit is expected to be defensive within the range of 4.43–4.44 against the US dollar next week, as the vigilant investor Bhavna continues to strengthen the demand for greenback as a safe-huge currency, said an analyst.
Bank Malaysia Malaysia BHD Chief Economist Dr. Mohammad Afzanim Abdul Rashid said that the next trend in the money market will be dedicated to the upcoming Federal Open Market Committee meeting on 18-19 March.
“While economists mostly do no change in the United States of America (US) Federal Fund, Federal Reserve Staff Quarted Forecast will be closely examined by traders and investors.
“This is especially true when the call for the US recession is widely shared by the major investment banks,” he told Bernma Today.
Additionally, both the Bank of Japan and Sweden’s Sveriges Riksbank have been designed to hold their monetary policy meeting next week, both central banks have expected to maintain their policy rate at 0.50 percent and 2.25 percent respectively.
Meanwhile, SPI asset managing managing partner Stephen Inse hopes that the ringt will weaken further in the coming months as the markets infections to deal with their full effect carefully related to tariffs.
“Next week, I expect a flow, with the ringtte possibility close to RM4.46 with trading -Bhavna Khatti continues.
He said, “Therefore, the ringit is likely to trade in the range of RM4.43 with a clear recession bias,” he said.
Year after year, Ringit increased by 0.64 percent against the US dollar, but weakened against other major currencies.
The local currency ended the week at 4.4410/4455 against the Greenback, which fell from 4.4110/4145 last week.
Ringit did most businesses against other major currencies.
The Japanese yen was extended from 2.9909/9935 to 2.9809/9842 last week, but drown from 5.7070/7115 to 5.7404/7463 against British pounds and Euro from 4.8194/8243 to 4.7903/7941 before.
The local note also depreciated against ASEAN currencies.
It reduced Singapore dollar 3.3241/3277 from 3.3185/3214, decreased from 13.1820/2020 to 13.1124/1290 against Thai Baht, ending the Vij-e-Visa from 270.6/272.0 and 270.6/272.0 to the Vij-A-Vis. 7.75/7.77 from 7.71/7.73, last week.
