The Malaysian ringgit rose against the US dollar today, following other Asian currencies in gains. There were speculations that the Federal Reserve will slow the pace of asset-purchases reduction, and such talks helped currencies of emerging markets to gain against the greenback.
Forex market participants wait for today’s release of US non-farm payrolls, which are considered to be a good gauge of economic performance. Analysts predict that the report will show slower employment growth, and in this case the Fed is likely to slow down its quantitative easing tapering. As for Malaysian monetary policy, the Bank Negara Malaysia (the Central Bank of Malaysia) kept its main interest rate at 3 percent on yesterday’s meeting.
USD/MYR went down from 3.2585 to 3.2578 as of 9:32 GMT today.
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