Ringgit seen steady next week, but traders brace for US Fed, Negeri Sembilan polls and oil price jitters

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the spotlight going forward will be on the interest rate decision by the US Federal Reserve (Fed) and the upcoming state election in Negeri Sembilan on Aug 1.

“Most economists are expecting the US interest rates to be maintained at 3.5-3.75 per cent. Market participants will focus on the Federal Open Market Committee (FOMC) statement, especially how committee members assess inflation dynamics going forward, as prevailing crude oil prices have risen substantially in July.

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