Anticipation of better 2Q GDP data drives ringgit up vs US$ at the close

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Anticipation of better 2Q GDP data drives ringgit up vs US$ at the close
RinggitUS DollarMohd Afzanizam Abdul Rashid
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(Reuters) - West Ham United have signed right back Aaron Wan-Bissaka from Manchester United on a seven-year contract, the London Premier League club said on Tuesday.

KUALA LUMPUR: The anticipation of better gross domestic product data for the second quarter of 2024 in Malaysia has resulted in the ringgit gaining some ground against the US dollar at the closing today.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit’s performance has been quite sanguine amidst the anticipation of a better 2Q 2024 GDP growth to be announced on Friday with expectations that the US Federal Reserve will likely lower interest rates in its September Federal Open Market Committee meeting.

Mohd Afzanizam said the US producer price index which will be released later tonight will be closely monitored by market participants for new insights.

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