Ringgit Poised to Sustain Rally After Best Quarter in 50 Years [Yahoo! Finance Canada]
Sumitomo Mitsui Financial Group Inc Unsponsored American Depositary Shares (Japan) (SMFG)
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Source: Yahoo! Finance Canada
(Bloomberg) -- The Malaysian ringgit is poised to extend its rally after what's likely to be its best quarter since 1973 as the central bank will probably refrain from cutting interest rates. Most Read from Bloomberg The ringgit has risen more than 12% against the dollar so far this quarter, making it the best performing emerging-market currency. Narrowing rate differentials with the US, improving trade performance and attractive asset valuations may help the ringgit strengthen further, analysts said. Robust economic growth and a potential pickup in consumer prices if the government proceeds to remove some fuel subsidies may keep Bank Negara Malaysia on hold into 2025 even as other central banks start to lower borrowing costs. Foreign investor flows and further conversion of foreign currency deposits will also support the ringgit. “Malaysia's current account surplus, neutral central bank stance and stable fundamentals may help with further gains in light of dollar weakness,”
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- 8/13/24 - Form 13F-HR
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