The local currency, the ringgit is forecast to trade in a tight range of around RM4.72 to RM4.73 against the US dollar this short trading week.
Meanwhile, the ringgit is now at 4.7450 which is the same level as at the opening of trading this morning.
According to the Chief Economist of Bank Muamalat Malaysia Bhd, Mohd Afzanizam Abdul Rashid said Brent crude oil prices are currently hovering above $90 per barrel amid concerns over geopolitical risks in the Middle East.
He also said that the foreign exchange market (forex) is in defensive mode with demand for safe currencies such as the US dollar increasing. The US Dollar Index (DXY) rose 0.17% to 104.30 points on Friday.
While the Fed rate cut forecast remains a key topic in investment, growing concerns over war conflicts in the Middle East have resulted in higher crude oil prices.
This may have an impact on inflation and potentially change the view on it once the Fed finds its way.
Currently, the ringgit is trading lower than most other major currencies.
It eased against the Japanese yen to 3.1341/1363 from 3.1194/1241 a week earlier, eased against the British pound to 5.9956/9994 from 5.9548/9630 previously and fell against the euro to 5.1437/507977 from 5.1437/50797. .
The ringgit traded mixed against Asean currencies.
It rose to 12.9495/12.9641 against the Thai baht from 12.9712/12.9983 on Friday last week and rose against the Philippine peso to 8.39/8.41 from 8.40/8.42 previously.
However, the local currency depreciated against the Indonesian rupiah to 299.4/299.8 from 297.7/298.2 a week earlier and depreciated against the Singapore dollar to 3.5208/5233 from 3.4987/5040.
