Kuala Lumpur might not be on your radar as a trader, but Malaysia is trying their best to get your attention in their most populous city. A forex announcement Friday 20 September, 2013 certainly opened up doors for those looking at exotic currencies to think about adopting forex trading systems that might allow the trade of Malaysia’s ringgit. Before you do, consider the news update Kuala Lumpur provided and some of its economic data.
The Ringgit Future
The ringgit is not the most prominent currency in forex trading systems. You might have luck in Australia and many parts of Asia finding the currency in pairings. Some of the USA retail dealers may also offer the USD/ringgit for trading. To date it has not been the biggest currency on the market to even consider; however, Malaysia is certainly trying to change this. Many things are helping in terms of economic outlook. Before launching into the latest news update consider the economic data.
The National Bank of Malaysia or Bank Negara Malaysia oversees the economic condition in terms of currency. It also houses the securities commission that helps regulate forex trading systems. Malaysia is working very hard to become a part of the globalisation movement even developing better infrastructure like their newer international airport, multimedia corridor and Port Klang. The Bursa Malaysia is also a recent edition to the country offering the Malaysian Exchange for currency and stocks. Market capitalisation for 2013 is in the billions. There has been an average growth rate of 5.9 per cent, which is extremely good compared with other small nations trying to emerge into the new millennium. Income is up as are job sectors with a lot of financial positions and tourist jobs available. Another area of help for Malaysia has been foreign investments from outside countries looking to get a bite of the growing tourist industry, as well as find affordable investments. Kuala Lumpur also has 66 shopping malls, which are contributing to Malaysia’s overall economic outlook. It is the epicentre of the country at this point.
Forex Trading Systems: Ringgit in the Market
Unlike some of its close neighbours with currency rates above 10.000, the ringgit is actually in the 3.00s against the USD. The local quote for the ringgit was 3.1625 and 3.1665 for investor trades against 1USD. This was up from the previous day with USD/ringgit prices at 3.1470 and 3.1500 for the buy/sell respectively. The trouble right now according to one local dealer is investor interest. There is not a lot of news for Malaysia, so locals are holding out investing with their forex trading systems. The local currency is declining against most of the majors like USD, AUD, SGD and others. The SGD and JPY actually had more favour towards the ringgit than the GBP and USD. It also declined against the Euro.
Despite the depreciation of the ringgit there is hope it will start to be recognised by more than local traders as a possibility. Malaysian officials certainly wish to get their currency stronger.