Скачать или смотреть Ringgit Hits 18-Month High At RM4.37/USD // Phillip Highlights 22 August 2024

On 20th August 2024, the ringgit strengthened against the US dollar, reaching a new 18-month high of RM4.37/USD. This marks a significant recovery from 20th February 2024, when the ringgit briefly fell below 4.8 against the dollar, its weakest level since its all-time low of 4.8850 in 1998. The decline in the US dollar index (DXY) hints at a potential interest rate cut in the US as soon as September, which is benefiting the ringgit. On top of that, Bank Negara Malaysia is encouraging businesses across all sectors to repatriate overseas investment income and export proceeds to boost demand for the ringgit. Also, economic growth continued its upward momentum with the second quarter 2024 GDP accelerating to 5.9% YoY, up from 4.2% YoY in first quarter 2024. With significant bullish sentiment in the market, the FBM KLCI is now trading at a four-year high. We remain optimistic about the outlook of Malaysia market, driven by economic restructuring and fiscal reforms, record FDI/DDI, and strong corporate earnings momentum.

China to boost efforts to promote private investment, CCTV says China will step up efforts and strengthen coordination between government agencies to help spur private investments while its economy struggles to find a firm footing. The National Development and Reform Commission (NDRC) will work to introduce projects to private investors, with a particular focus on key infrastructure in areas such as transportation and energy, China Central Television (CCTV) reported, citing a statement from the economic planning agency. The government will also provide support from the central budget for eligible key private investment projects. We anticipate the Chinese government will implement more decisive measures to address the lackluster sentiment.