Malaysian Ringgit Falls as US Retail Sales Rise
The Malaysian ringgit fell today together with other Asian currencies after yesterday’s report showed that US retail sales exceeded analysts’ expectations, increasing chances for additional stimulus cuts by the Federal Reserve.
Core retail sales advanced 0.7 percent in December from November, more than was forecast — 0.4 percent. Total sales increased 0.2 percent. The World Bank trimmed its forecast for growth of developing economies in 2014 from 5.6 percent to 5.3 percent, adding to investors’ worries and risk aversion.
USD/MYR was up from 3.2615 to 3.2865 as of 10:31 GMT today.
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