The US dollar has been rising since the US rate cut, with the ringgit closely following the Thai baht.

Since the US rate cut, the appreciation of the ringgit has not diminished, making it the second strongest currency in the Asia-Pacific region, just slightly behind the Thai baht.

After the Federal Reserve's rate cut on September 18, Asian-Pacific currencies against the US dollar generally saw an increase, with the ringgit's appreciation also relatively significant, second only to the Thai baht.

According to Bloomberg data, the Thai baht to US dollar exchange rate has shown the most significant increase among currencies in the Asia-Pacific region, appreciating a total of 2.73% from September 19 to date, making it the best performing in the region.

Following closely behind, the Malaysian Ringgit ranks second with a 2.45% appreciation, while the South Korean Won versus US dollar exchange rate increased by 1.71%, placing it third.

Once rose to 4.09.

It is worth mentioning that on the last day of September, the Ringgit exchange rate continued to rise and broke through 4.10, reaching a peak of 4.0947, marking a new high in 41 months since May 2021.

Mohamed Afzal Khan, Chief Economist at Bank Muamalat Malaysia, mentioned that the upward trend of the Ringgit exchange rate is expected to continue, but it is also possible that some market traders may take advantage of the Ringgit's overall appreciation for arbitrage opportunities.

From a global perspective, the economic signals from the United States seem to be mixed; in August, personal consumption expenditures (PCE) slowed to 2.2%, while core PCE stabilized at 2.7%.

Nevertheless, it is expected that the Federal Reserve will continue its loose monetary policy in the upcoming months of November and December.

"Given this, the focus this week will be on data from the United States, including the ISM indices for manufacturing and services sectors, as well as several key labor market indicators such as job openings and the Job Openings and Labor Turnover Survey (JOLTS)."

He also further predicted that the near-term support level for the Ringgit would be at the 4.0728 level, and stated that the exchange rate may move towards that level.

On the other hand, the Ringgit against a basket of major currencies has shown strength, with appreciations against the Euro, British Pound, and most ASEAN currencies.

Among them, the Ringgit against the Singapore Dollar has strengthened from last week's 3.2146 level to 3.2136 level.

In the stock market, the Chinese stock market continued to soar on the last trading day before the Golden Week, not only standing at the threshold of a "bull market," but also boosting sentiment in Asian stock markets. However, with foreign capital flowing out to China, the performance of Malaysian stocks remains weak.

The national stock market continued to soar on the last trading day before the National Day holiday. The two main A-share benchmark indexes achieved the largest increase in sixteen years, with record-high turnover. With the policy relaxation of home purchase restrictions in first-tier cities over the weekend, funds flowed into the stock market for the holiday season.

A-shares opened high and continued to rise on Monday, with a rare breakthrough in turnover reaching 2.5 trillion yuan (approximately 1.47 trillion Ringgit), the highest since Bloomberg has data. The CSI 300 index and the Shanghai Composite Index both closed up more than 8%, marking the biggest single-day increase since September 2008; about 700 stocks in the entire A-share market hit the limit up. In just two weeks, the CSI 300 index has risen by over 27% from this month's low point, entering a technical bull market in one fell swoop.