JP Morgan calls for a buy on the Malaysian ringgit, says it may benefit from a US-China trade deal
div > div.group > p:first-child"> The Malaysian currency could do well if a trade deal between the U.S. and China materializes, Jonathan Cavenagh, head of forex strategy for emerging markets Asia at the investment bank, told CNBC on Wednesday.
Some reports have suggested that China may buy more commodities from the U.S. as part of their tariff agreement. If true, Malaysia — one of the world's top palm oil exporters — will benefit from it, said Cavenagh. Secretary of State Mike Pompeo said Monday that he thought Washington and Beijing were"on the cusp" of reaching an agreement that would end the trade skirmish.
A current account surplus indicates a nation is a net lender, and typically supports a country's currency.
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