ID :
144542
Sat, 10/02/2010 - 16:36
Auther :
Shortlink :
https://oananews.org//node/144542
The shortlink copeid
RINGGIT TO REMAIN STRONG
By Wan Azura Mior Abd Aziz
KUALA LUMPUR, Oct 2 (Bernama) -- The ringgit is expected to remain firm next week as the US-Malaysia interest rate differential and trade surplus remains high, an economist said.
The ringgit's performance next week will likely be affected by US Purchasing
Managers Index data which measures US industrial activity and the unemployment
rate, RAM Holding Bhd's economist Jason Fong told Bernama today.
On the local front, Malaysia's central bank Bank Negara is expected to
release its foreign reserves report on Thursday while export and trade balance
data are due the next day.
"We expect the local currency to undergo some degree of volatilty next
week," he said, adding that only marginal improvements in both US industrial
activity and unemployment situation was expected.
Meanwhile, Hong Leong Bank Bhd forecast, in its weekly economic research
note, said the ringgit would maintain its gradual appreciation trajectory
towards the year-end supported by foreign demand for higher yielding Asian
currencies and strong local growth.
"Trade numbers to be released next week should be encouraging amid
government forecast of about 7 per cent Gross Domestic Product (GDP) growth this
year," said the bank.
Early this week, the ringgit hit a fresh 13-year high against the US
dollar since the local unit was pegged at 3.80 under capital control measures
introduced during the 1997 financial crisis.
On Wednesday the Thai baht and the Malaysian ringgit hit their highest
levels since the 1997 Asian currency crisis while the Singapore dollar rose to
an all-time high.
On a weekly basis, the ringgit closed higher at 3.0855/0880 compared with
last week's close of 3.0900/0930.
Against the British pound, the ringit appreciated to 4.7869/8818 from
4.8460/8526 but declined against the euro to 4.2339/2386 from 4.1335/1381.
The local unit weakened against the Singapore dollar to 2.3484/3506 from
2.3287/3328 and against the yen to 3.7041/7093 from 3.6521/6569.
-- BERNAMA
KUALA LUMPUR, Oct 2 (Bernama) -- The ringgit is expected to remain firm next week as the US-Malaysia interest rate differential and trade surplus remains high, an economist said.
The ringgit's performance next week will likely be affected by US Purchasing
Managers Index data which measures US industrial activity and the unemployment
rate, RAM Holding Bhd's economist Jason Fong told Bernama today.
On the local front, Malaysia's central bank Bank Negara is expected to
release its foreign reserves report on Thursday while export and trade balance
data are due the next day.
"We expect the local currency to undergo some degree of volatilty next
week," he said, adding that only marginal improvements in both US industrial
activity and unemployment situation was expected.
Meanwhile, Hong Leong Bank Bhd forecast, in its weekly economic research
note, said the ringgit would maintain its gradual appreciation trajectory
towards the year-end supported by foreign demand for higher yielding Asian
currencies and strong local growth.
"Trade numbers to be released next week should be encouraging amid
government forecast of about 7 per cent Gross Domestic Product (GDP) growth this
year," said the bank.
Early this week, the ringgit hit a fresh 13-year high against the US
dollar since the local unit was pegged at 3.80 under capital control measures
introduced during the 1997 financial crisis.
On Wednesday the Thai baht and the Malaysian ringgit hit their highest
levels since the 1997 Asian currency crisis while the Singapore dollar rose to
an all-time high.
On a weekly basis, the ringgit closed higher at 3.0855/0880 compared with
last week's close of 3.0900/0930.
Against the British pound, the ringit appreciated to 4.7869/8818 from
4.8460/8526 but declined against the euro to 4.2339/2386 from 4.1335/1381.
The local unit weakened against the Singapore dollar to 2.3484/3506 from
2.3287/3328 and against the yen to 3.7041/7093 from 3.6521/6569.
-- BERNAMA
