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Ringgit Gains on Manufacturing Growth in US & China

May 2, 2012 at 12:46 by Vladimir Vyun

Tuanku Abdul Rahman on the ringgit banknotesThe 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.

If you have any questions, comments or opinions regarding the Malaysian Ringgit, feel free to post them using the commentary form below.

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