KUALA LUMPUR: The ringgit is expected to trade within a narrow range this 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 this week would be on the US labour market data, particularly the non-farm payrolls.
“This is a critical data point as the Federal Reserve needs to see convincing evidence that the labour market is softening,” he told Bernama.
“Otherwise, it is likely to maintain its restrictive monetary stance.”
The ringgit was marginally lower against the US dollar at 3.9690/9740 last 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.
