On a Friday-to-Friday basis, the ringgit depreciated to 4.7190/7225 against the US dollar from 4.6900/6940 a week ago. — Picture by Sayuti ZainudinKUALA LUMPUR, June 15 ― The ringgit is likely to trade softer against the US dollar next week, moving between RM4.70 and RM4.71 with the Reserve Bank of Australia’s interest rate decision in focus, said an analyst.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US retail sales and purchasing managers' indices, Europe’s consumer price and economic data from China will be among the key focus for next week. “The central bank decision would be the Reserve Bank of Australia where consensus estimates point to the policy rate staying unchanged at 4.35 per cent. It seems that the strong US dollar is here to stay. As such, we expect the ringgit to remain around RM4.70 to RM4.71 next week,” he told Bernama.On a Friday-to-Friday basis, the ringgit depreciated to 4.7190/7225 against the US dollar from 4.6900/6940 a week ago.The local note rose against the British pound to 5.9955/9999 from 6.