KUALA LUMPUR, Feb 21 (Bernama) -- The ringgit is expected to trade cautiously this week ahead of key data points in the United States, including the Conference Board Consumer Confidence Index and producer price index (PPI), as well as speeches by several Federal Reserve officials.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said he expects sentiment among currency traders to remain cautious.
"Ringgit could still be lingering within a range of RM3.90 to RM3.93, with RM3.90 continuing to remain the psychological barrier,” Mohd Afzanizam told Bernama.
On a week-on-week basis, the ringgit ended the week firmer against the US dollar to close at 3.8995/9055 compared with 3.9060/9115 last Friday.
The local note traded higher against a basket of major currencies this week.
It appreciated against the Japanese yen to 2.5092/5132 from 2.5435/5474, rose vis-a-vis the British pound to 5.2511/2591 from 5.3211/3286 and gained versus the euro to 4.5882/5952 from 4.6325/6390 a week earlier.
The ringgit traded mostly higher compared with its Asean peers.
It went up versus the Singapore dollar to 3.0724/0774 from 3.0904/0950, was higher compared with the Indonesian rupiah at 230.8/231.3 from 231.9/232.4, improved against the Philippine peso to 6.70/6.72 from 6.73/6.74, and edged up against the Thai baht to 12.4952/5216 from 12.5607/5849 previously. -- Bernama
