ringgit vs US dollar prediction week feb 6-10 2012

forex trading outlook today - ringgit vs US dollar prediction week feb 6- 10 2012 : The ringgit is likely to trade higher against the US dollar in quiet trading next week as the market players are expected to stay on the sidelines ahead of the extended holidays,

The market will close on Monday and Tuesday for Prophet Muhammad's birthday and Thaipusam, respectively.

Dealers said Bank Negara Malaysia's decision to maintain the overnight policy rate at three per cent was expected to boost foreign sentiment.

A dealer said based on the ringgit's chart movements, the possibility of it appreciating was greater than depreciating.

"It is expected to hit the 3.00 psychological support level against the greenback," he said.

On Friday-to-Friday basis, the ringgit rose against the US dollar to 3.0120/0150 from 3.0415/0445 a week earlier.

The local unit hit its highest level for this year at 3.0120/0150 yesterday.

It strengthened against the Singapore dollar to 2.4181/4215 from 2.4187/4230 previously and eased against the yen to 3.9522/9577 from 3.9408/9462 last week.

The local unit appreciated against the British pound to 4.7674/7730 from 4.7736/7793 previously and gained against the euro to 3.9632/9677 from 3.9835/9880 last Friday.

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