Tuesday, 02 Jun 2020 07:01 PM MYT
KUALA LUMPUR, June 2 — The ringgit extended its uptrend for the third straight day amid further sign of economic recovery from the Covid-19 crisis after China announced a rebound in its May Manufacturing Purchasing Managers’ Index . AxiCorp global chief market strategist Stephen Innes said the ringgit continued to feed off China economic optimism after the PMI data came in well at 50.7 which signalled an expansion in activity.“But Malaysia PMI data was the icing on the cake yesterday as that printed much better than expected,” Innes told Bernama.
IHS Markit said Malaysia’s manufacturing sector showed signs of approaching stabilisation midway through the second quarter, with rates of reduction in output, new orders and employment all easing considerably.“There has been a considerable unwind of long US dollar hedge positions across the region on back of reopening optimism,” he added.
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