The Malaysian ringgit, as well as other Asian currencies, advanced today following yesterday’s report that showed an increase of US retail sales. Hopes that China’s slowdown will be not as severe as predicted also buoyed currencies of Asia’s economies.
US retail sales grew 1.1 percent in September, beating analysts’ forecasts. Other economic report from the United States this week are also expected to support the positive traders’ mood. News from China will likely be less favorable, but speculators hope for the better, turning their attention to higher-yielding assets. Such mood benefited the ringgit.
USD/MYR was down from 3.0585 to 3.0508 as of 10:07 GMT today and its daily low was at 3.0477.
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