kuala lumpur: Ringgit is expected to extend its profits against the US dollar next week, saying it will potentially trade between 4.41 and 4.42.
He said attention will be paid to the US Dollar Index (DXY) movement that slipped to 99.758 points on Thursday.
“If DXY remains restrained, the ringgit could be even more grateful,” he told Bernama.
Looking ahead, Mohd Afzanizam said the ongoing US-China trade war will remain an important factor affecting market sentiment.
He noted that uncertainty about potential announcements from the US administration has become cautious as investors struggle to assess whether development will have a positive or negative impact on the global economy.
Meanwhile, Stephen Innes, managing director of SPI Asset Management, hopes that the foreign exchange market will stabilize next week, and points out that the effects of the trade war are declining as it shifts from policy-driven concerns to political stances.
Local currency ended the week at 4.4200/4265 against the greenback from the previous week’s 4.4335/4400. Each year, the ringgits are strengthened by 1.09%.
It slipped to 3.0952/1000 against the Japanese yen from 3.0294/0340 last week, reducing the euro from 4.8706/8778 to 5.0207/0281, falling to 5.7849/7934 to British pounds from 5.7591/7676.
The local memo was mixed with ASEAN currency.
I thanked the Philippine Peso from 7.80/7.782 to 7.75/7.77 and visited Indonesian Rupiah on 263.1/263.6 from 266.2/266.7 last week.
However, it slipped from 3.3153/3204 against the Singapore dollar to 3.3495/3549, and fell from 12.9589/9847 to 13.1599/1902 against the Thai baht.
