The Malaysian ringgit rallied together with other Asian currencies today as signs of economic growth in the United States and China, two biggest world economies, increased risk appetite among Forex market participants.
It turned out that good employment data from the USA had an unexpectedly positive impact not only on the currency of one of the US major trading partners but on other risky currencies as well. The ringgit was one of the strongest Asian currencies this week, bested only by the Indonesian rupiah. The Malaysian currency was also supported by domestic fundamentals as analysts think that the nation’s central bank may raise interest rates for the first time in three years on the next policy meeting.
USD/MYR went down from 3.1948 to 3.1862 as of 14:50 GMT today.
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