ID :
382323
Sat, 10/03/2015 - 08:09
Auther :

Ringgit Expected To Trade At 4.40-4.50 Versus US Dollar Next Week

By Mohd Khairi Idham Amran KUALA LUMPUR, Oct 3 (Bernama) -- The ringgit is likely to trade within a stable range of 4.40 to 4.50 against the US dollar next week supported by positive trade performance amid stabilising global commodities prices. Inter-Pacific Research Sdn Bhd Head of Research Pong Teng Siew said pressure from softening commodities prices was expected to ease in the coming months as shown in the stabilisation of oil prices. "Oil prices are a bit more stable than before, moving between US$45 and US$47 per barrel. If there is no further pressure from commodities prices, it will be good for the ringgit," he told Bernama. He said the traders' focus also turned to the US job data release which is anticipated to give an indication of whether the Federal Reserve (Fed) would raise interest rates by year-end. However, Pong said the job data was expected to have little impact on the Fed's decision to increase interest rates. "The Fed is clearly not going to raise the interest rates. The inability of job data to exceed 200,000 jobs creation on a consistent basis will be the basis for the Fed not to raise interest rates," he said. For the week just ended, the ringgit declined to 4.4100/4180 against the greenback from 4.3800/9000 last Friday on concerns over global economic growth and the softening Chinese economy. The local currency touched a low of 4.4770 against the greenback on Tuesday, its lowest level since January 1998 during the Asian financial crisis, before reversing to 4.4540. It also ended the week mostly lower against other major currencies. The local unit appreciated against the Singapore dollar to 3.0747/0811 from 3.0758/0835 last Friday but depreciated against the yen to 3.6704/6783 from 3.6180/6269 last week. It was also traded lower against the pound sterling at 6.6834/6977 from 6.6699/6868 last week, and eased against the euro to 4.9224/9323 from 4.8784/8900 last Friday. -- BERNAMA

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