Week ending Friday, 28 May 2010 : FX Ringgit

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hi,

I don't have a copy of The Star as I'm in Singapore, and Starbizweek FX reports aren't online. So it's just the Bernama report for the Week ending Friday, 28th May 2010 :


29 May, 2010 : FOREX: Ringgit's Direction To Be Dictated By The Euro Next Week
KUALA LUMPUR, May 29 (Bernama) -- The euro's movement is largely expected to dictate the direction of the ringgit next week, a dealer said. In the week just ended, most rivals of the greenback gained, after the euro rebounded on Thursday, despite nervousness in the market pertaining to the eurozone debt woes.

The firmer euro was supported by advances in equity markets and a denial by Chinese authorities that they are reviewing their holdings of the eurozone debt. It was reported that China is reviewing its eurozone bond holdings because of growing concerns over gaping deficits in countries, including Greece and Portugal.

"There has been a lot of concern in recent weeks. However, the Euro-zone debt woes and rising tensions between North and South Korea, appear to cool down on Thursday," he said, adding that, the scenario spurred hope for economy recovery. "However, anything happening in the euro-zone and Korea would continue to set the direction of the forex market," he added.

On Thursday, the ringgit was firmer against the dollar, with investors short-covering higher-yielding currencies, ahead of a long market holiday. The market was closed on Friday for the Wesak celebrations.

The ringgit on Thursday strengthened to 3.2940/29800 against the dollar from last Friday's 3.3180/3230. It went up against the Singapore dollar to 2.3417/3470 from 2.3534/3603 and against the Japanese yen to 3.6486/6539 from 3.6858/6918 previously.

The local unit was also stronger against the pound sterling to 4.7687/7762 from 4.7802/7881 last week and the euro at 4.0352/0407 from 4.1488/1561 previously.
End of Article
http://www.bernama.com/bernama/v5/newsmarket.php?id=501916