AFTER the euphoria and cheering when Bank Negara lifted the peg in July 2005, the bullish sentiment faded by end-December 2005 as offshore and even local investors became rather disappointed that the ringgit failed to garner speed in appreciation.
However, all this changed when January 2006 came. The ringgit gathered momentum and appreciated, at least until early May. But in mid-May, the ringgit, after having gone as low as 3.5730, disappointed many traders and some even had thoughts that the local unit might move back towards 3.8000, as persistent attempts to re-test 3.5730 never materialised.
