THB-MYR-SGD trio strengthens against USD since beginning 2017. Philippine Peso weakest amongst major ASEAN currencies. Indonesian Rupiah looks ‘pegged’ to USD. Malaysian Ringgit weakening against SGD temporarily over.
Malaysian Ringgit is very weak even against ASEAN currencies. There is a danger that investors must watch especially when USD is strengthening while the RMB is weakening further.
9 Asian currency pairs that are rising in favour of US Dollar strengthening. They are tradable thru Axitrader MT4 or on the Singapore Exchange (futures).
1. USDMYR at Asian Financial Crisis level. 2. Ringgit ranked 6th constituent in RMB index. Ringgit lost half its value to USD since 2011. USDMYR now at 4.3115.
PBOC’s Yuan devaluation is 2 years late. Despite big hooha, PBOC has maintained a very stable exchange rate with the greenback. Biggest culprit is Japan.
Look at USDHKD test its 7.75 limit, intervention by HKMA at this level in the past and some reasons why long term investors are keen to bet.
No currency peg but moving in same trend Although there is no official peg, both currencies are now moving closely in the same trend. Back in late 1998, Bank Negara Malaysia pegged the Ringgit to the US Dollar following speculative attacks. The peg was set