Ringgit likely to be traded in cautious mode against US this week; to be traded around 4.73 to 4.74 rangeKUALA LUMPUR : The ringgit is expected to be traded in a cautious mode against the US dollar this week as traders seek fresh leads from more significant economic data.
"I would say the ringgit would cautious mode and could remain in a narrow range of 4.73 to 4.74,” he told Bernama. Meanwhile, SPI Asset Management managing director Stephen Innes said next week's US inflation data could potentially trigger a significant sell-off in the US dollar if it comes in cooler than expected.
"While this outlook represents an extremely bearish view on the US dollar, it aligns with recent survey data and suggests that the US dollar is poised to weaken. This week, the ringgit, along with other ASEAN currencies, reacted towards the recent weaker-than-expected US Nonfarm Payrolls data and Bank Negara Malaysia’s Monetary Policy Committee meeting on May 9, when the central bank decided to maintain the Overnight Policy Rate at 3.00 per cent.