The Malaysian ringgit strengthened against the US dollar and several ASEAN currencies on Monday, driven by stronger-than-expected GDP growth in the fourth quarter of 2024 and signs of weaker consumer spending in the United States.
: The ringgit opens higher against the US dollar and ASEAN currencies due to stronger Malaysia’s gross domestic product growth in the final quarter of 2024, said an analyst.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said Malaysia’s GDP growth in 4Q 2024 was higher than advanced estimates, suggesting that the Malaysian economy remained resilient. “This indicated that the fiscal consolidation exercise has shown a promising result, which can be credit-positive from the credit rating agencies’ point of view,” he told Bernama today.
He also noted that the ringgit is poised for positive starts today amid signs of weaker consumer spending in the United States .
RINGGIT US DOLLAR ASEAN GDP GROWTH CONSUMER SPENDING
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