The Department of Statistics Malaysia (DOSM) is scheduled to release the Q2 2024 GDP estimate data in the afternoon.

At 8am, the ringgit inched up to 4.6665/4.6710 against the greenback from yesterday’s close of 4.6680/4.6710.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the numbers are expected to come in better than the 4.2% growth recorded during the Q1 2024.

“If the numbers turn out to be much better than the Q1 GDP, it will be ringgit-positive for today,” he added.

Yesterday, AmBank Group has projected the Q2 2024 GDP to register a growth of 5.3% year-on-year amid sustained domestic demand and better exports.

Afzanizam also noted there is optimism that the local note could stage a further appreciation towards the end of the year in light of the potential US Federal Reserve rate cut.

Meanwhile, the ringgit traded higher against a basket of major currencies.

The local currency strengthened versus the Japanese yen to 2.9685/2.718 from 2.9827/2.9849 at Thursday’s close, it gained against the British pound to 6.0413/6.0471 from 6.0628/6.0667 yesterday and improved vis-a-vis the euro to 5.0856/5.0905 from 5.1021/5.1054 previously.

The ringgit is also mostly higher against Asean currencies.

It rose against the Singapore dollar to 3.4716/3.4754 from 3.4807/3.4832 at yesterday’s close, inched up versus the Indonesian rupiah to 288.8/289.2 from 288.9/289.2 previously, and appreciated vis-a-vis the Thai baht to 12.8927/12.9119 from 12.9750/12.9887.

It was flat against the Philippine peso at 8.01/8.02 from 8.01/8.02 yesterday.