$USD/MYR(USDMYR.FX)$
The trend of the ringgit is unstoppable. Today, it surged more than 1.7%, breaking the 4.50 mark, and surged 3.6% throughout the week!
As of 5 p.m., the exchange rate of the ringgit was reported at RM4.4908 to the US dollar, up 1.72% in a single day. This is another key hurdle for the ringgit within 3 days after breaking through the 4.60 key level this Wednesday (July 31).
Looking at the week as a whole, the ringgit exchange rate surged 3.59%, making it the best performing emerging market currency this week.
China's economic growth prospects are optimistic. Coupled with the continued inflow of foreign capital, the ringgit has continued to rise for 10 days. This is the longest continuous rise record in 14 years.
Bloomberg reports that after three years of decline, the ringgit exchange rate performed better than other Asian currencies this year. In particular, the government introduced policies to promote foreign investment and cut subsidies to reduce budget deficits.
Supported by these policies, Malaysian stocks have once again attracted the interest of global funds. These funds have bought $0.112 billion (approximately RM0.508 billion) of Malaysian stocks so far this year.
At the same time, Malaysia's economic recovery is also accelerating, and the improvement in export conditions has supported economic growth. At the same time, the Bureau of Statistics previously predicted an economic growth rate of 5.8% for the next quarter, which also surpassed market forecasts.
According to a report by the Malaysian News Agency, the second finance minister, Dato' Sri Amir Hancha, believes that the forecast for China's economic growth of 4% to 5% this year is achievable, and will even reach a higher level, and the ringgit trend will advance...

The US dollar and Asian stock markets declined. Biden previously announced his withdrawal from the 2024 US presidential election and supported He Jinli to take over the fight.
Bloomberg US Dollar Spot Index $USD(USDindex.FX)$The Mexican peso climbed as it fell 0.2% on Monday.
In the face of continuous pressure from within the Democratic Party, Biden had to give up his re-election campaign and withdraw from the November general election. The Japanese and South Korean stock markets opened lower, and the Australian stock market also weakened. Hong Kong stock index futures remained stable.
$Korea Composite Index(.KOSPI.KR)$
$Nikkei 225(.N225.JP)$
$S&P/ASX 200(.XJO.AU)$
$Hang Seng Index(800000.HK)$
The question facing investors is whether it is still necessary to stick to the Trump deal since Biden has given up his re-election campaign.
The market is likely to fluctuate greatly. Traders are waiting to see if He Jinli can be nominated by the party, and at the same time weigh whether she can gather enough momentum to challenge Trump's current leading position in the polls.
“People's subconscious reaction is that this is bad for the dollar, but it's still too early to draw conclusions,” said Olga Yangor, head of emerging market research and strategy at Crédit Agricole.
“This will largely depend on He Jinli's initial appearance, her choice of running partner, and swing state polls.”
On the commodities side, crude oil and gold prices rose in early trading.
Biden withdrew from the market...

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