Ringgit Falls vs. Dollar Despite Favorable Market Sentiment

The Malaysian ringgit fell against the US dollar together with most other Asian currencies (with the exception of the Taiwan dollar) even though the market sentiment was favorable to riskier assets.

Asian stocks rallied to the highest level in more than a year as market participants felt that it is safe to buy higher-yielding assets. Among reasons for risk appetite were hopes for a tax reform in the United States and the last week’s meeting between the US President Donald Trump and Japanese Prime Minister Shinzo Abe that ended on a relatively positive note. Not all news were helping traders to maintain optimism as the report about another missile test by North Korea may yet spoil their mood.

USD/MYR rose 0.07% to 4.4473 as of 8:24 GMT today.

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