The Malaysian ringgit was stronger today against the US dollar after yesterday’s report showed an unexpected improvement of US manufacturing and as Federal Reserve Chairman Ben Bernanke confirmed that the central bank is going to maintain accommodative policy.
Yesterday, the Institute for Supply Management released its PMI report, showing that the US manufacturing sector expanded in September for the first time in four months. Bernanke spoke about the Fed’s monetary policy and confirmed that he is going to continue with accommodation. The Chairman said that the bank will “continue securities purchases and employ other policy tools until the outlook for the job market improves substantially in a context of price stability” and added that “a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the economy strengthens”.
USD/MYR was down from 3.0615 to 3.0520 as of 13:01 GMT today and its daily minimum was at 3.0485.
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