Ringgit set to extend gains next week on expected US interest rate cut
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The ringgit is expected to continue its upward trajectory next week due to increasing market anticipation of an imminent interest rate cut by the United States. The World Interest Rate Probability (WIRP) forecast predicts a 105.5% probability of a rate cut by the US Federal Reserve (Fed) in September. The ringgit is likely to trade in a tight range between RM4.64 and RM6.45. The US economic data, including the Purchasing Managers' Index (PMI) for manufacturing and the Nonfarm Payroll (NFP), will be critical factors to monitor. The ringgit closed at 4.6550/6605 against the US dollar on Friday. It also strengthened against other major currencies and ASEAN currencies.

#Ringgit #UsInterestRate #Currency #ForeignExchange #Economy

https://www.nst.com.my/business/economy/2024/07/1082721/ringgit-set-extend-gains-next-week-expected-us-interest-rate-cut%C2%A0