Ringgit's trajectory next week to be influenced by economic data

KUALA LUMPUR: The ringgit's trajectory next week is expected to be influenced by Malaysia's economic data, as well as US interest rates.
Both are slated for released next week, dealers said.
FXTM Research Analyst, Lukman Otunuga, said with the dollar likely to remain supported by expectations of faster US interest rate hikes this year, emerging market currencies including the ringgit, may feel the heat.
"While a resurgent greenback has the ability to punish the ringgit, optimism surrounding the Malaysian economy could limit downside losses," he told Bernama.
Meanwhile, Otunuga said the upcoming trading week will offer investors a fresh insight into the health of Malaysia's economy, with both unemployment figures and inflation data being released.
Much attention will be directed towards the inflation figures for any signs of consumer prices moving towards Bank Negara Malaysia's projected two to three per cent inflation target for 2018, said Otunuga.
He said with the World Bank raising its forecast of Malaysia's economic growth to 5.4% this year, the ringgit has scope to appreciate further.
On a Friday-to-Friday basis, the local note finished easier against the greenback at 3.8785/8815 from 3.8680/8720 last week.
The ringgit traded lower against a basket of major currencies.
It trimmed against the Singapore dollar to 2.9573/9603 versus 2.9345/9387 last Friday, and fell against the yen to 3.6042/6080 from 3.6035/6076.
The ringgit declined vis-a-vis the British pound to 5.5393/5451 from 5.4195/4266 and depreciated against the euro to 4.7837/7878 from 4.7352/7413. — Bernama