MYR: Further Gains In 2008

November 2007 | Currency Forecast

The ringgit is currently experiencing a period of weakness on the back of renewed risk aversion, as fears over the US economy and global credit markets keeps investors wary of emerging market assets. With technical indicators pointing towards a potential short-term bounce for the dollar, we expect MYR weakness to persist in the near term. Key support arrives at MYR3.39/US$. However, expectations of a US interest rate cut rate may provide a boost to the ringgit. A break above MYR3.36/US$ could precipitate a return to the MYR3.32/US$

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