What is the projected trading range for the ringgit against the US dollar for the upcoming week?

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Ringgit Expected to Trade Within RM4.05 to RM4.07 Against US Dollar Next Week

The Malaysian ringgit is anticipated to trade within the RM4.05 to RM4.07 range against the US dollar in the upcoming week. This forecast is influenced by market focus on key economic policy events, including the release of the United States Federal Open Market Committee (FOMC) minutes and Bank Negara Malaysia’s (BNM) Monetary Policy Committee (MPC) meeting. Both of these significant events are scheduled to occur on Thursday, July 9.
Key Economic Events to Influence Currency Markets

Market participants will be closely monitoring the FOMC minutes for indications regarding the future direction of US interest rates. This scrutiny is heightened by the lack of explicit forward guidance provided at the June FOMC meeting. Concurrently, BNM’s MPC meeting is expected to result in the overnight policy rate (OPR) remaining unchanged.
Forecasted Trading Band and Potential Breakout

Chief economist Dr Mohd Afzanizam Abdul Rashid anticipates that BNM will maintain the OPR at its current level of 2.75 per cent, citing no compelling reasons to alter the existing monetary policy stance. He also suggested that the US dollar/ringgit pair might test and potentially break through the RM4.05 level during the week.
Recent Ringgit Performance Against the US Dollar

In the preceding week, the ringgit demonstrated an appreciation against the US dollar, moving from RM4.0860/0910 to RM4.0690/0735. This upward movement indicates a strengthening of the local currency relative to the US dollar in the immediate past.

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What is the projected trading range for the ringgit against the US dollar for the upcoming week?

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