FX Ringgit 16th July 2010

[scott]

hi,

The FX report for the ringgit for the week ending 16th July 2010. It's just the Bernama report as there's no Treasury Pulse this week.


July 16, 2010 : FOREX: Ringgit Closes Lower Against US Dollar
KUALA LUMPUR, July 16 (Bernama) -- The ringgit closed lower against the greenback Friday supported by weak US data and speculation that the Federal Reserve would keep interest rates near zero, a dealer said.

At 5pm, the ringgit closed at 3.2065/2095 from 3.1975/1005 yesterday.

"The market was relatively quiet today as most investors were unwinding long positions ahead of the weekend," said a senior forex trader.

The greenback stayed under pressure today after reports that growth in industrial production had sharply slowed, offsetting a bright start to the US earnings season earlier this week, which briefly boosted markets.

"Investors were a bit cautious owing to rising concerns about downside risks to the US economy," the trader added.

The ringgit depreciated against the Singapore dollar to 2.3313/3355 from 2.3271/3314 Thursday while easing against the Japanese yen to 3.6810/6857 from 3.6294/6340 previously.

It also declined against the British pound to 4.9435/9490 from 4.9005/9057 previously and dipped against the Euro to 4.1518/1566 from 4.0896/0944 on Thursday.
End of Article
BERNAMA