The ringgit is expected to trade between 4.70 and 4.71 against the US dollar next week, according to a recent report from the New Straits Times. This projection comes as Federal Reserve Chairman Jerome Powell's testimony to the US Congress is closely followed by market participants. Additionally, the Monetary Policy Committee of Bank Negara Malaysia will be deliberating their interest rate decision on July 11. Bank Muamalat Malaysia expects the benchmark interest rate to remain unchanged at 3.00 percent. Kenanga Investment Bank maintains a positive outlook for the ringgit, while MIDF Amanah Investment Bank anticipates the ringgit to appreciate in the second half of 2024. The ringgit has recently appreciated to 4.7065/7110 against the US dollar from 4.7160/7190 a week ago. It has traded mostly lower against other major currencies and ASEAN currencies. It is important to note that the market will be closed on July 8, 2024, and reopen on July 9 [9406064a].