KUALA LUMPUR, Dec 14 — The ringgit is expected to be traded in a cautious mode against the US dollar next week ahead of the Federal Open Market Committee (FOMC) meeting on Dec 17-18.
UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan sees a subdued market tone ahead as investors adopt a wait-and-see approach. “Market expectations currently indicate a 96 per cent likelihood of a 25-basis-point rate cut, with less than four per cent anticipating rates to remain unchanged,” he told Bernama.
On a Friday-to-Friday basis, the ringgit slid against the US dollar to 4.4475/4525 from 4.4170/4220 a week ago.
For the week, the local note traded higher against other major currencies.
It strengthened versus the euro to 4.6632/6684 against 4.6719/6771, gained against the British pound to 5.6203/6266 versus 5.6352/6416 and rose against the Japanese yen to 2.8987/9022 from 2.9329/9364 at last week’s close.
It traded mixed against Asean currencies, dipping against the Singapore dollar to 3.2971/3011 from 3.2963/3002 and easing against the Thai baht to 13.0261/0472 from 12.9576/9784 last Friday.
The local note climbed vis-a-vis the Indonesian rupiah to 277.7/278.2 from 278.7/279.2 and was higher against the Philippine peso at 7.60/7.62 from 7.65/7.66. — Bernama