Ringgit Falls as China’s Growth & US Recovery Slows
Asian currencies, the Malaysian ringgit among them, were down today as negative data from China on the weekend followed poor macroeconomic reports from the United States on Friday.
China’s Purchasing Manufacturing Index fell to 55.2 in May from 56.1 in April. The report followed Friday’s US non-farm payrolls that showed employment growing by just 69,000. The data signaled that global economic recovery is slowing and that had a negative impact on assets of emerging economies. The MSCI Asia-Pacific Index of stocks fell for a fourth session.
USD/MYR rose from 3.1961 to 3.2018 as of 14:18 GMT today.
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Earlier News About the Malaysian Ringgit:
- Ringgit Gains on Manufacturing Growth in US & China (2012-05-02)
- 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)