For those people who had been trading in the Malaysian Dollar (MYR) and Singapore Dollar (SGD) pair, the Malaysian Ringgit had made a mini-revival of sorts in recent weeks, rising as much as 5% against the Singapore dollar in Apr 2010.
While the MYR/ SGD pair had been fluctuating historically, the recent gains by the Ringgit seem to indicate that the Malaysian economy is gearing up in anticipation of new optimism.
And there were 3 main reasons why. Forex Jobs In Singapore
Firstly, we have stability in leadership. Prime Minister Najib had so far manage to keep Barisan National (BN) and UMNO cohesive while fending off challenges from PKR lead by Anwar. This confidence forms the foundation of Malaysia economy and stabilises the MYR.
Secondly, we have hope in Malaysia - the one Malaysia vision, Iskandar Malaysia as well as commitment by the government to improve - improve security, infrastructure and even remove corruption. There is a general feel-good atmosphere.
Finally, Singaporeans continue to spend in Malaysia, especially Johor Bahru. With that, it is natural for Singapore dollar to depreciate against the Malaysian Ringgit.
Currently, the MYR trades against the SGD at 1 SGD = 2.30 MYR. 3 months back in Feb 2010, the exchange rate was 1 Singapore Dollar compared against 2.47 Malaysian Ringgit, the highest level in years.
Forex traders were long on the Malaysian Ringgit are now smiling widely than ever. As the saying goes, Malaysia Boleh! Or maybe, Malaysian Ringgit boleh as well! Things certainly look bright for Malaysia ahead!
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