The Malaysian ringgit climbed today as negotiations continued in the United States about ways to avoid the fiscal cliff and that gives hopes for investors that a crisis can be avoided. Such hopes lifted the traders’ mood.
Senate Majority Leader Harry Reid, who was previously complaining about lack of progress in the discussions about the financial cliff, said yesterday that there are still significant differences between Democrats and Republicans. Yet analysts think that the issue will be resolved one way or the other and markets wait for the end of uncertainty holding breath. It is quiet improbable that the problem will be resolved by the end of the year (which basically means today), but traders still felt a bit optimistic.
USD/MYR 3.0620 to 3.0583 as of 12:52 GMT today.
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