Ringgit’s going to move even higher? (which side yeah)

Ringgit’s going to move even higher? (which side yeah)

I repeat something that I have always been telling people and it’s very obvious from my writings. Currency movement should just be valued based on trade; surplus or deficit. If you have deficits year after year, why is your currency appreciating? No one wants to buy your goods and you have to keep buying other people’s currency because you needed their goods! Oh… the trades were done using a specific currency. No wonder.

This is why when ringgit moves down, STOP saying it’s because of ringgit’s weakness! It is just the movement of that currency lah. They go up, we come down lah. Now that ringgit is moving up, then people start saying ringgit is strong etc etc etc, hello… it’s because that currency is down because of the decision of their Federal Reserve yeah. Well, all the best to them in finalizing the best decision for their country based on their economic prospects yeah.

Article in nst.com.my The ringgit opened lower against the US dollar today, as market participants adopted a wait-and-see approach ahead of the United States (US) Federal Open Market Committee’s (FOMC) decision on interest rate cuts.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that there have been mixed views on the extent of the US Federal Reserve’s (Fed) potential rate cut today.

“This uncertainty has caused anxiety, as the Fed may take a more gradual approach, while markets appear to favour a half-point cut,” he told Bernama.

“So far, the ringgit has performed favourably against the greenback as it continues to rise to a 20-month high.

“The current support and resistant levels are located at RM4.2128 and RM4.3259, respectively, and the ringgit appears to be heading towards the support level presently,” he added. Please read here for more details: Article in nst.com.my

Enjoy when it’s up, always note the movements are pretty quick

Need that holiday in Japan? Note that the Japanese Yen has ALWAYS BEEN DOWN versus Ringgit even during the times when most people thought ringgit was the worst performing currency in the world. It was certainly better versus Yen. So, you could have gone there earlier and even today. So, no changes.

Meanwhile ringgit has appreciated against all those currencies which you may have loved to visit, so do go now yeah. We have no idea when things may change. As for me, I shall plan accordingly. Could not afford to overspend actually. Renovation of new home, despite a smaller budget than most is really draining me for recent few months. Haha.

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