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Saturday, March 24, 2012

ringgit prediction next week march 26 2012

ringgit prediction next week march 26 2012 : The ringgit is expected to soften next week amid cautious sentiments toward China's economy, dealers said. A dealer said a series of weak economic data from the world's second largest economy raised concerns over the regional export outlook.

"Any further signs of a sluggish China economy will put more pressure on regional units including the ringgit," he said. Another dealer said the ringgit, driven by the government's economic stimulus programme, was still viewed as interesting by international funds.

He said Malaysia's reform measures in the last three years and increased newsflow around the divestment of government-linked companies might improve the sentiment further amid prospects of an election this year.

"If the current government were re-elected, we think this would allow the government to embark on bolder reforms in the areas of tax, subsidies and education policies," he said.

He said as a petroleum exporter, the country is also expected to benefit from the high commodity prices, another factor that boosted traders' interest in the ringgit.

For the week just-ended, the ringgit was mostly lower, dampened by China's bearish economic data.

On a Friday-to-Friday basis, the ringgit fell against the US dollar to 3.0755/0785 from last week's close of 3.0560/0590, and declined against the Singapore dollar to 2.4370/4415 from 2.4206/4232 previously.

It eased against the British pound to 4.8814/8874 from 4.8059/8115 last week, and depreciated against the euro to 4.0803/0849 from 3.9924/9972.

The local unit slipped against the yen to 3.7198/7252 from 3.6494/6534 previously.

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