Ringgit Gets Boost from Stimulus Bets
The Malaysian ringgit climbed together with other Asian currencies today as investors anticipated stimulus from the central bank of the United States and China. Stimulus bets resulted in the optimistic sentiment on the Forex market.
The Federal Reserve will announce its monetary policy decision tomorrow and speculations about the decision were driving the FX market this week. Traders hope for some form of stimulus and such outlook helped currencies of emerging markets. On top of that, the Chinese government signaled that it may bolster slowing economic growth too, adding to the optimism of FX traders.
USD/MYR fell from 3.0890 to 3.0729 as of 17:45 GMT today.
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Earlier News About the Malaysian Ringgit:
- Malaysian Ringgit Weakens as EU Shows No Progress in Solving Problems (2012-08-27)
- Ringgit Falls on Europe, Supported by Domestic Growth (2012-08-16)
- Ringgit Goes Higher as Traders Bet on Stimulus (2012-08-14)
- Ringgit Rises on Easing Speculations (2012-07-27)
- Malaysian Ringgit Falls as Global Economy Not Supportive for Risky Currencies (2012-07-11)