KUALA LUMPUR: The ringgit is expected to remain defensive within the 4.43-4.44 range against the US dollar next week, as cautious investor sentiment continues to strengthen demand for the greenback as a safe-haven currency, said an analyst.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that the next trend in the currency market will be predicated on the upcoming Federal Open Market Committee meeting on March 18-19.
"While economists are mostly pencilling in no change in the United States (US) Federal Funds Rate, the Federal Reserve’s staff quarterly forecast will be closely scrutinised by traders and investors.
"This is especially true when calls for a US recession have been widely shared by the major investment banks,” he told Bernama today.
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