According to latest statistics, the private sector in US increased hiring in December to the highest level for the year while new claims for US unemployment benefits fell is the same month. investors turned bullish on the Singapore dollar and the Malaysian ringgit.
Asian currenices will outperform reflecting the resilience in the Asian economy boosted by domestic consumption and increasing foreign funds into the region
During the week, the ringgit and Singapore dollar climbed to record highs against the US dollar on increased global funds to the region even if gains were limited with the still unresolved Euro-zone debt crisis.
The ringgit also gained significantly against the euro in line with the weakening of the euro currency against major currencies, plagued by the region's unresolved debt crisis.
The euro hit a 16-month low against the greenback on Friday.
The ringgit meanwhile retreated from its recent advances on Friday, as investors took profit with sentiments turning cautious amid the still unresolved euro zone debt crisis.
On a Friday-to-Friday basis, the ringgit was sharply higher against the US dollar at 3.1490/1520 from 3.1670/1700 last Friday and rose against the Singapore dollar to 2.4335/4368 from 2.4350/4373.
The local unit was however lower against the yen at 4.0817/0871 from 4.0796/0845 last Friday.
It also depreciated against the British pound to 4.8838/8897 from 4.8807/8862 last Friday but strengthened against the euro to 4.0326/0377 from 4.0911/0960.
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