The Asian currencies, including the Malaysian ringgit, rallied today on hopes that debtors will extend maturities of the nation’s debt and the Greek austerity vote will pass.
Greece’s Prime Minister George Papandreou urged the nation’s policy makers yesterday to listen to their “patriotic conscience” and support the additional tightening measures. If the politicians won’t agree on the austerity the Eurozone may face its first default in history. But market participants remain hopeful and the MSCI
USD/MYR dropped from 3.0600 to 3.0495 today as of 13:14 GMT.
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