Most risky currencies fell yesterday after the surprise interest rate cut from the European Central Bank, and the Malaysian ringgit was among them. Today, the Forex market is still shaken, meaning that the yesterday’s trends remain in place.
Yesterday’s surprise from the ECB threw the market into disarray, resulting in all sorts of volatile moves among currencies. Positive economic data from the United States added to the mix, fueling speculations that the Federal Reserve will tighten its monetary policy. The market did not recover today, meaning that most Asian currencies, the ringgit included, continue to demonstrate softness.
USD/MYR advanced from 3.1782 to 3.1824 as of 11:35 GMT today, reaching the high of 3.1943 intraday.
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