Ringgit Drops on Fears of Recession
The Malaysian ringgit fell today, following other Asian currencies in losses, as fears of recession in the United States and the European Union deterred investors from buying riskier assets of emerging economies.
Traders fear that the fiscal cliff will push the US economy into recession. Europe’s economy is already in decline and the European Central Bank predicted that it will stay that way next year. US nonfarm payrolls that are released later today may rescue risky currencies or damage them further depending on how good (or bad) the report will be.
USD/MYR rose from 3.0485 to 3.0557 as of 9:55 GMT today.
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Earlier News About the Malaysian Ringgit:
- Ringgit Heads Down as US Stock Markets Close (2012-10-29)
- Hopes for Growth Buoy Malaysian Ringgit (2012-10-16)
- Ringgit Stronger on Improving US Manufacturing & Bernanke's Speech (2012-10-02)
- Ringgit Gets Boost from Stimulus Bets (2012-09-12)
- Malaysian Ringgit Weakens as EU Shows No Progress in Solving Problems (2012-08-27)