KUALA LUMPUR — The ringgit is likely to trade around RM4.22 to RM4.23 next week, said an analyst.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said that next week multiple United States (US) economic data will be out, namely the US Consumer Price Index (CPI) and Producer Price Index (PPI) for the month of May which plays a key role in shaping the market.

“While the data might show deceleration in inflation rate, the US Federal Reserve is likely to stay cautious as it is wary about the potential inflationary pressures arising from the tariff shocks.

“Already, responses from the US Institute for Supply Management (ISM) Index survey indicated that businesses have become more pessimistic as the higher tariffs have affected the supply chains and resulted in higher operating costs