Ringgit seen remaining soft, trading around 4.76 versus US dollar next week
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The ringgit is expected to remain soft and trade around MYR4.76 against the American dollar next week. Talks by United States Federal Reserve officials on inflation and US retail sales data will influence the ringgit's performance. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid believes that the Fed officials will convey concerns about US inflation and the need to reach the central bank's two percent goal. The US retail sales figure for March is projected to grow 0.3 percent month-on-month. China's first quarter gross domestic product results, expected to show five percent year-on-year growth, will also impact the market. The European Union consumer price index is expected to moderate to 2.4 percent in March, potentially leading to interest rate cuts by the European Central Bank. The ringgit weakened to 4.7680/7730 against the US dollar on a Friday-to-Friday basis.
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