The Malaysian ringgit strengthened today as investors felt optimistic about the global economy amid signs that growth is picking up and the worse has already passed. Other Asian currency also gained.
China’s gross domestic product grew 7.9 percent in the fourth quarter of 2012 following the 7.4 percent increase in the preceding quarter, according to the National Bureau of Statistics of China. The nation’s economic growth accelerated for the first time in two years. US housing starts rose at the seasonally adjusted annual rate of 954,000 in December after rising 851,000 in November. The positive data drove traders to currencies with higher yield and Asian currencies looked particularly attractive considering the region’s economic strength.
USD/MYR fell from 3.0160 to 3.0121 as of 10:20 GMT today.
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