(1888PressRelease)
December 05, 2007 - According to sources, recent reports by Ovetii revealed that all 10 of the most-actively traded currencies outside of Japan gained against the dollar after Merrill Lynch & Co. recently reported its biggest quarterly loss. A U.S. new home sales report is forecast to show the housing slump is deepening, with traders already assigning 86 percent odds on a Fed cut in rates.
Ovetii senior analysts reportedly stated that as people see more rate cuts and interpret that dollar weakness will continue, Asia is where the growth is and the prospect for faster currency appreciation, including the ringgit, is attractive.
The ringgit rose 0.4 percent to 3.3568 per dollar in Kuala Lumpur, according to data compiled by Ovetii’s currency researchers.
The Singapore dollar climbed to a 10-year high against the U.S. dollar on speculation foreign investors were buying local shares.
Singapore's dollar advanced against 12 of the 17 currencies of Asia's largest economies on prospects accelerating economic growth in the island state will lift domestic corporate earnings.
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