Ringgit vs US dollar prediction next week april 30-may 4 2012

forex trading outlook today - Ringgit vs US dollar prediction next week april 30-may 4 2012 : The ringgit is likely to be softer against the US dollar next week in reaction to the Reserve Bank of Australia (RBA)'s interest rate cut, dealers said.

Dealers said the RBA was widely expected to lower interest rate by 25 basis points to four per cent next week with inflation remaining benign.

"The sentiment on the new development should encourage buying interest in the greenback but the ringgit could come under pressure," a dealer said.

The dealer said the local currency is expected to move between the 3.04 and 3.06 against the dollar level next week.

However, some dealers expect the ringgit to rise underpinned by rising appetite for Asian assets to get higher yields.

For the week just-ended, the Malaysian currency was little changed against the dollar, with the pair recording volatile movements, due to selling pressure and and increasing risk appetite.

On a week-to-week basis, the ringgit appreciated against the US dollar to 3.0450/0480 from 3.0645/0676 last Friday.

It depreciated against the Singapore dollar to 2.4517/4551 from last week's 2.4484/4518 and weakened against the yen to 3.7789/7845 from 3.7486/7532 previously.

The local unit increased against the British pound to 4.9268/9326 from 4.9311/9378 and was also firmer against the euro at 4.0206/0258 from 4.0306/0349 last Friday.

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