KUALA LUMPUR, Feb 28 — The ringgit is expected to trade range-bound against the greenback next week ahead of key data points from the United States and further developments related to the US-Iran nuclear talks.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US labour market data will be in focus where Nonfarm Payroll (NFP) and the unemployment rate will be closely monitored.

Besides, the US and Iran are set to hold another round of talks in Vienna next week after US and Iranian officials recently met in Geneva, Switzerland for a third round of talks that ended without a deal.

“Apart from that, the Bank Negara Malaysia’s Monetary Policy Committee members will decide the Overnight Policy Rate on March 5, where most economists are expecting no change in the policy rate,” he told Bernama.

Hence, he opined that the local note shall see range-bound trade next week with USD/MYR likely to linger between RM3.88 and RM3.90.

On a week-on-week basis, the ringgit ended the week firmer against the US dollar to close at  3.8910/8960 compared with 3.8995/9055 last Friday.

The local note traded mostly higher against a basket of major currencies this week.

It appreciated against the Japanese yen to 2.4930/4963 from 2.5092/5132, rose vis-a-vis the British pound to 5.2470/2538 from 5.2511/2591, however it slid versus the euro to 4.5898/5957 from 4.5882/5952 a week earlier.

However, the ringgit traded lower compared with its Asean peers.

It went down versus the Singapore dollar to 3.0742/0784 from 3.0724/0774, was lower compared with the Indonesian rupiah at 231.7/232.2 from 230.8/231.3, declined against the Philippine peso to 6.75/6.76 from 6.70/6.72, and edged down against the Thai baht to 12.5153/5370 from 12.4952/5216 previously. — Bernama

 Malay Mail – Money