Ringgit surges: Economic reforms, potential US rate cut propel currency to be Asia's second best performer
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The ringgit is now the second best-performing currency in Asia, with a year-to-date depreciation of only 1.66% against the US dollar. The government's commitment to economic reforms and optimism about a potential interest rate cut by the US have contributed to the ringgit's favorable performance. The ringgit traded at 4.6700/6730 against the US dollar, touching an intraday high of RM4.6630. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the positive reviews from credit rating agencies and the recent rating upgrade by JP Morgan have supported the ringgit's performance. The ringgit is expected to settle around 4.55 by year-end, considering the anticipated interest rate cut by the US Federal Reserve in September. However, the downside risk for the ringgit is the possibility of the Fed not cutting rates. UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan expects Malaysia's economy to continue progressing, which will contribute to the strengthening of the ringgit.
#Ringgit #Currency #EconomicReforms #UsRateCut #Asia
https://www.thestar.com.my/business/business-news/2024/07/12/ringgit-surges-economic-reforms-potential-us-rate-cut-propel-currency-to-be-asia039s-second-best-performer
The Star Online /
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2024-07-12 14:12:16
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2024-07-12 14:12:16Event JSON
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"content": "Ringgit surges: Economic reforms, potential US rate cut propel currency to be Asia's second best performer\n==========\n\nThe ringgit is now the second best-performing currency in Asia, with a year-to-date depreciation of only 1.66% against the US dollar. The government's commitment to economic reforms and optimism about a potential interest rate cut by the US have contributed to the ringgit's favorable performance. The ringgit traded at 4.6700/6730 against the US dollar, touching an intraday high of RM4.6630. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the positive reviews from credit rating agencies and the recent rating upgrade by JP Morgan have supported the ringgit's performance. The ringgit is expected to settle around 4.55 by year-end, considering the anticipated interest rate cut by the US Federal Reserve in September. However, the downside risk for the ringgit is the possibility of the Fed not cutting rates. UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan expects Malaysia's economy to continue progressing, which will contribute to the strengthening of the ringgit.\n\n#Ringgit #Currency #EconomicReforms #UsRateCut #Asia\n\nhttps://www.thestar.com.my/business/business-news/2024/07/12/ringgit-surges-economic-reforms-potential-us-rate-cut-propel-currency-to-be-asia039s-second-best-performer",
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