KUALA LUMPUR — The ringgit is expected to trade in the range of RM4.45 and RM4.47 versus the greenback next week as market sentiment remains cautious over US tariff policies.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that key US economic data will be released next week, including the ISM index for the manufacturing and non-manufacturing sectors, as well as the closely watched nonfarm payrolls (NFP) report on Friday. Consensus estimates place the NFP at 133,000 for February, down from 143,000 in the previous month, while the unemployment rate is expected to hold steady at 4%.
“In a nutshell, US economic data has remained resilient, providing little reason for the US Federal Reserve to alter its current monetary stance, which is expected to keep the American dollar trading higher,” he told Bernama.
Over the past week, the ringgit mostly weakened as concerns over an escalating trade war dampened market sentiment. The ringgit depreciated to end the week at 4.4600/4650 from 4.4165/4200 the previous week against the greenback.
The local currency was also lower against major currencies.
It weakened against the British pound to 5.6174/6237 from 5.5851/5895, slipped versus the Japanese yen to 2.9682/9717 from 2.9346/9371 last week, and fell against vis-a-vis the euro to 4.6362/6414 from 4.6236/6273 previously.
The ringgit traded mixed against most ASEAN currencies.
It appreciated against the Indonesian rupiah to 268.7/269.1 from 270.7/271.0 and gained vis-a-vis the Thai baht to 13.0455/0670 from 13.1354/1528. However, it dipped versus the Singapore dollar to 3.3069/3108 from 3.3021/3049 and fell against the Philippine peso to 7.69/7.70 from 7.62/7.63. — March 1, 2025