Ringgit Gains on Manufacturing Growth in US & China
The Malaysian ringgit gained today as yesterday’s data that showed an expansion of manufacturing in the United States and China increased attractiveness of higher yielding Asian currencies.
Yesterday’s gains of China’s & US PMI made sentiment of Forex traders more optimistic and the market retained that optimism today. The MSCI Asia-Pacific Index of shares advanced 0.5 percent. Europe still remains a negative factor for the currency markets, but for now investors prefer to pay attention to good stories from China and the USA.
USD/MYR fell from 3.0310 to 3.0300 as of 12:46 GMT today, while the daily low was 3.0210.
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Earlier News About the Malaysian Ringgit:
- Ringgit Gains as Investors Bid for Higher Yield (2012-03-27)
- Malaysian Ringgit Falls as High Fuel Prices Can Hurt Growth (2012-03-20)
- Ringgit on Signs of Economic Slowdown in Malaysia (2012-03-15)
- Malaysian Ringgit Rises as FX Market Keeps Good Sentiment (2012-02-08)
- Malaysian Ringgit Goes Higher Ahead of European Debt Auctions (2012-01-19)