KUALA LUMPUR, Oct 24 — The ringgit is expected to trade within a narrow range of RM4.07 to RM4.08 against the US dollar next week as investors monitor the outcome of the US Federal Open Market Committee (FOMC) meeting scheduled for October 27-28.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said investors will also look for clues on the Federal Reserve’s (Fed) monetary policy direction from the FOMC statement and subsequent press conference, with markets expecting the Fed funds rate to remain unchanged at 3.75 to 4.00 per cent.
“Essentially, the Fed’s assessment of inflation and the prevailing market conditions surrounding artificial intelligence investments and equity valuations will be critical elements in shaping market confidence.
