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Thread: Why is ringgit plummeting ?

  1. #1
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  2. #2
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    The fat lady starts to sing oredi after election. Ringgit down.....SK1M over and out. GST coming soon, petrol going up and inflation uprising.
    Janji Chapati at RM2 ringgit or more in the stall near you.
    Last edited by zinglicious; 31-07-2013 at 01:12 AM.
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    This is a serious topic and has to do with dynamics of economic development, international trade, Fitch's downgrading Malaysia's prospects due to failure of transformation program, regional slowdown etc so lets be serious in our postings. Its really irritating to want to discuss and you come and inject in your meaningless posts and senseless brand of humor. Please give some respect to the other forumers lah.... some are just freaking polite and keep quiet about your childish pranks here...

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    I believe it is because we are tied to China and I think China has slowed down importing some of the stuff from us like microelectronics. When the giant catches a cold, we all get the 'flu. This was mentioned in the article anyway, so why you need to ask for the reason? I believe that is the main reason.... you (Ng) were probably fishing for reasons like rumor that the financial health of Malaysia is very ill but the Gomen is hiding the health certificate from all of us. Hey, that sort of answer is the stuff that sells tabloid papers and brew gossips but when you discuss the economy, leave it to the financial experts. Laymen like us are just good at finding faults and without sound knowledge to say why. Zinglicious bit the bait and came up with the usual answer that some of the readers here utter without any basis.

    I am also another layman but I do listen to financial news and gather some drift from there rather than to listen to juicy rumors

    By the way, Aussie dollar is also down, because China is probably importing less minerals
    Another reason is that the US$ is high

  5. #5
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    Hint: China's Q2 economic numbers Chang..... its hitting the Indonesian Rupiah so badly... and of course its hitting us just as badly...

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    Quote Originally Posted by SiangMalam View Post
    This is a serious topic and has to do with dynamics of economic development, international trade, Fitch's downgrading Malaysia's prospects due to failure of transformation program, regional slowdown etc so lets be serious in our postings. Its really irritating to want to discuss and you come and inject in your meaningless posts and senseless brand of humor. Please give some respect to the other forumers lah.... some are just freaking polite and keep quiet about your childish pranks here...
    Why can you just ignore me if you think I am irritating you? Am I not entitle to my point of views as a chef cooking my story as I see fit though I could be economically wrong ? Am I breaking some rules or somebody balls here? Either it is Flitch downgrading or Moody downgrades, it is still the views that one can ignore and accept. Dun inject your supremacy on regional economics from your coal minds in the spirit of agree to disagree.

    I am sticking to my point of views and agreeable to some extra pointers made by Chang on China X factor which is weighing on MY and World economics.

    Respek sebelum anda direspekkan and too get too up close and personal day or night

    BTW, can anyone confirm that GST not coming to town? Or the multi Sk1M gonna to be with Rm500 forever? And Chapatti not gonna to hit Rm2 or more if cooking oil, gas, petrol, sugar and flour go up as these are subsidized items?

    Me - I am looking at the micro and macro of marketing cost and regional announcement where and when TNB gonna to announce their next increase. That would shock the consumers or traders and inflate figures sumore. Whatever happens to Greece or the PIGS could happen here IMHO. Of course, some may rubbish it.

    Only time can tell......sometimes things and habits are quite predictable.......
    Last edited by zinglicious; 31-07-2013 at 02:12 AM.
    TASK - Trust, Attitude, Skill, Knowledge - Signatures of those who believe in excellence for any task entrusted to them - Alwin Tan @ all rights reserved
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  7. #7
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    Quote Originally Posted by zinglicious View Post
    Why can you just ignore me if you think I am irritating you? Am I not entitle to my point of views as a chef cooking my story as I see fit though I could be economically wrong ? Am I breaking some rules or somebody balls here? Either it is Flitch downgrading or Moody downgrades, it is still the views that one can ignore and accept. Dun inject your supremacy on regional economics from your coal minds in the spirit of agree to disagree.

    I am sticking to my point of views and agreeable to some extra pointers made by Chang on China X factor which is weighing on MY and World economics.

    Respek sebelum anda direspekkan and too get too up close and personal day or night
    Sorry, I don't need your respect.... don't over-rate/over-value yourself...

  8. #8
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    Chang, read this article for a perspective "we are not alone":

    http://www.thejakartapost.com/news/2...rals-down.html

  9. #9
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    Quote Originally Posted by SiangMalam View Post
    Chang, read this article for a perspective "we are not alone":

    http://www.thejakartapost.com/news/2...rals-down.html
    SM, doesn't the Rupiah almost always have its lows before Lebaran.......Or is it Highs?.....I forget, trying to recall from past exposure

    Edit: I think its 'Highs' before their 'Lebaran'....so this is an interesting development.

    On our Ringgit....this might be a reason....

    Quote:
    "Pushing down the ringgit were concerns on outflows, as 9.2 billion ringgit ($2.9 billion) worth of government bonds are due on Wednesday, according to the central bank data.....However, the Malaysian currency turned slightly higher, to 3.2230 as of 0605 GMT, compared with Monday's close of 3.2260, as agent banks of the central bank were spotted selling dollars and some investors covered short positions, traders said." Read Here@Yahoo Finance

    Update

    Just saw this.....might hit 2molos 'Online non-MSM News'

    RPT-Fitch revises Malaysia's outlook to negative Read@Reuters

    "Fitch Ratings has revised Malaysia's Outlook to Negative from Stable. Its Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) have been affirmed at 'A-' and 'A', respectively...........The revision of the Outlook to Negative reflects Fitch's assessment that prospects for budgetary reform and fiscal consolidation to address weaknesses in the public finances have worsened since the government's weak showing in the May 2013 general elections" [Read the rest > Link above]

  10. #10
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    Quote Originally Posted by kwchang View Post
    I believe it is because we are tied to China and I think China has slowed down importing some of the stuff from us like microelectronics. When the giant catches a cold, we all get the 'flu. This was mentioned in the article anyway, so why you need to ask for the reason? I believe that is the main reason.... you (Ng) were probably fishing for reasons like rumor that the financial health of Malaysia is very ill but the Gomen is hiding the health certificate from all of us. Hey, that sort of answer is the stuff that sells tabloid papers and brew gossips but when you discuss the economy, leave it to the financial experts. Laymen like us are just good at finding faults and without sound knowledge to say why. Zinglicious bit the bait and came up with the usual answer that some of the readers here utter without any basis.

    I am also another layman but I do listen to financial news and gather some drift from there rather than to listen to juicy rumors

    By the way, Aussie dollar is also down, because China is probably importing less minerals
    Another reason is that the US$ is high
    Plenty of financial experts have had been proven wrong big time in the Dotcom meltdown and subprime crisis. In fact, I had the copies of Barrons, WSJ and Investor Digest of Dec 2000 where the "financial experts" prediction towards fiscal yearend and Dec 2001 were the result where compared ( 9 out of 10 went doggone.) There might be still in the US basement if the new tenant didn't throw them away. I had them for free from the library every week.

    Anyway, the financial experts were dead wrong and here's the link. http://www.elliottwave.com/freeupdat...#axzz2aYRoMYBj Darling stocks like Enron, Global Crossing, AOL went belly up. Even Yahoo goes Yucky as it never reach the heights where it went up USD100 in a day's trading. And surprisingly, top analysts never give Apple the rating to buy!!!

    The financial experts are the ones who dun write for salary but investing based on their daily observance on tips like if your friendly market seller too busy to entertain you on veggie prices , it is time to sell. Time to buy? Not because of some glowing reports but on how empty are those heavy machineries or lori sewa. The mentors which I heard during and at my coffeeshop days in Ipoh - Tan Sri Lee Loy San of KLK, Dr Foo of a medical doctor who dun practice medicine and see sick patients - only shares and stocks - Foo family and Mr Lee - a retired banker from UMBC who sipped coffee and buy shares when it is down like titbits.
    Last edited by zinglicious; 31-07-2013 at 03:18 AM.
    TASK - Trust, Attitude, Skill, Knowledge - Signatures of those who believe in excellence for any task entrusted to them - Alwin Tan @ all rights reserved
    [COLOR=Navy]Let's eat 2 taste in www.facebook.com/zinglicious or let's make MY home a better place with healthy views and tasty news in www.facebook.com/zingszangs

  11. #11
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    Quote Originally Posted by SiangMalam View Post
    Sorry, I don't need your respect.... don't over-rate/over-value yourself...
    Then why are you stalking me up close and personal like some poster boy, Malam to Siang?

    But then I am just clueless, dat's why I ask..... The fact remains I am posting is not making cocksure morning statement but seeking answers and values from sensible views and replies from forummers.

    Still I am confused lah from threads that went unanswered in the moderation or bananaed threads. In fact, I wanna to know why the questions not answered in half quoted statement?

    Quote Originally Posted by zinglicious View Post
    Why can you just ignore me if you think I am irritating you? Am I not entitle to my point of views as a chef cooking my story as I see fit though I could be economically wrong ? Am I breaking some rules or somebody balls here? Either it is Flitch downgrading or Moody downgrades, it is still the views that one can ignore and accept. Dun inject your supremacy on regional economics from your coal minds in the spirit of agree to disagree.

    I am sticking to my point of views and agreeable to some extra pointers made by Chang on China X factor which is weighing on MY and World economics.

    Respek sebelum anda direspekkan and too get too up close and personal day or night

    BTW, can anyone confirm that GST not coming to town? Or the multi Sk1M gonna to be with Rm500 forever? And Chapatti not gonna to hit Rm2 or more if cooking oil, gas, petrol, sugar and flour go up as these are subsidized items?

    Me - I am looking at the micro and macro of marketing cost and regional announcement where and when TNB gonna to announce their next increase. That would shock the consumers or traders and inflate figures sumore. Whatever happens to Greece or the PIGS could happen here IMHO. Of course, some may rubbish it.

    Only time can tell......sometimes things and habits are quite predictable
    .......
    TASK - Trust, Attitude, Skill, Knowledge - Signatures of those who believe in excellence for any task entrusted to them - Alwin Tan @ all rights reserved
    [COLOR=Navy]Let's eat 2 taste in www.facebook.com/zinglicious or let's make MY home a better place with healthy views and tasty news in www.facebook.com/zingszangs

  12. #12
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    Kuma, as I wrote in Post #3, the Fitch's rating downgrading's of Malaysian economics growth due to the poor results / effects / efforts of transformation has actually hit the ringgit quite negatively.

  13. #13
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    aiyoh! Zing, this thread is about why the ringgit is falling NOT about damn gst lah! or 50sen or rm1-2 price raise in cooking oil or whatever lah! Nor about greece or piigs lah! duh!

    ==========

    Yes, i agree its the slowdown of china imports as well as failure of your 1pm transformasi plans. AUD had gone down substantially since the slow down in export to china...we see it here too. And many, in export geared bizz, might be outta jobs whilst I see my savings get pancaked..

    Yang Bernegative TIUxlatotupai
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  14. #14
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    Many reasons why RM is depreciating. Among the reasons are:

    1) Lots of hot money in Msia. Easy come (RM appreciates) easy go (RM depreciates)
    2) 48% of bond in Msia (not 30% as reported by some gahment stats) are held by foreigners. So when bond yield in US rises, foreigners tend to sell their holdings in Msia and pull the money back to US. This risk will be higher if US stops its QE3
    3) impending economic slowdown in China (already can bee seen by the GDP growth in China for the past several Qs)
    4) Sinkapura's attraction as the new Switzerland (lots of money going there, including from Msia)
    5) some central banks actually wants to depreciate their currency for economic competitiveness

  15. #15
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    The RM depreciating is a concern but not too alarming in my opinion.
    Sing dollar is appreciating against all major currencies in the world, and hence Ringgit is no exception.

    The Ringgit is still within the three year trading ranges of around 3.2 to the USD.
    If compared to the Rupee, Yen and Rupiah, we are relative ok and healthy.
    Of course a weaker Ringgit will further erode the purchasing power of the middle to lower income families.

    As for the Aussie, it's a welcoming retreat notwithstanding China's slowdown.
    It's breathing live back to the struggling tourism and education sectors.
    Time for the mining industry to take a breather.
    RM has risen more than 10% versus AUD in the past 2 months, quite a good deal for potential investors and parents with children studying in Australia.
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