- January 17, 2023
- Posted by: Stratford Team
- Category: Economy
KUALA LUMPUR, Jan 17 — The ringgit ended lower against the US dollar today amid mild profit-taking in Asian currency markets as investors digested China’s weak economic data, a dealer said.
At 6 pm, the ringgit retreated to 4.3250/3280 against the greenback from yesterday’s close of 4.3150/3200.
SPI Asset Management managing partner Stephen Innes said investors are closely monitoring China’s economic outlook after the country posted feeble economic data that still beat market expectations.
“They are now awaiting Chinese economic data that will catch up with the moves in the yuan and local equity markets.
“However, when Chinese consumers start spending, it will be a material boost to global growth, commodities, Chinese stocks as well as the ringgit given the ringgit’s strong correlation with the Chinese currency,” he told Bernama.
He noted that markets were also struggling for direction ahead of tomorrow’s Bank of Japan (BOJ) meeting as…
