The Malaysian ringgit reached its monthly high today on the traders speculations that the demand for the emerging markets assets will increase as the recession eases.
The emerging stock markets in the Asian region continue to rise and such currencies as the Malaysias ringgit and the Koreas won are posting one of the longest gaining streak in their recent history. The stimuli from and for the worlds leading economies — U.S., Europe and China boost the demand for export and positively influence the attractiveness of risk-associated assets.
There is also a great positive signal from the optimistic expectations for the Group of 20 meeting, which will be held in London on April 2. The analysts expect the Asian currencies to continue their growth next week. Traders will remain in a bullish trend on everything that has been oversold at least until the G20 meeting is over.
USD/MYR declined from 3.6245 to 3.6165 as of 7:18 GMT today. It reached 3.6135 earlier today — its lowest level since February 16.
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