Malaysia's ringgit climbed the most in almost three weeks before reports forecast to show the nation's economic growth accelerated and the current-account surplus widened. Government bonds were little changed.
Gross domestic product increased 4.7 per cent in the third quarter from 4.3 per cent in the previous three months, according to the median estimate of 17 economists surveyed by Bloomberg News before official data due at 6pm local time. The ringgit rose for a second day after Federal Reserve chairman nominee Janet Yellen said yesterday she would maintain the record stimulus that has stoked global asset gains and suppressed borrowing costs until the US economy is stronger.
"Risk appetite for Asian currencies is improving because Yellen's statement sends a strong signal that tapering will be on the back burner for a while," said Yeah Kim Leng, chief economist at RAM Holdings Bhd in Kuala Lumpur. "The ringgit's strength will be further supported by the improvement in domestic economic data."
The currency appreciated 0.3 per cent to 3.1951 per dollar as of 9.14am in Kuala Lumpur, the steepest increase since October 28, according to data compiled by Bloomberg. It dropped 0.5 per cent for the week.
One-month implied volatility, a measure of expected moves in the exchange rate used to price options, fell two basis points, or 0.02 percentage point, to 8.73 per cent. The gauge declined 31 basis points this week.
Malaysia's current-account surplus widened to RM10.7 billion in the third quarter from RM2.6 billion in the preceding three months, according to the median forecast of analysts polled by Bloomberg News before data due at 6pm local time today.
The yield on the 3.48 per cent bonds due March 2023 was little changed at 3.89 per cent, according to data compiled by Bloomberg. The rate rose 17 basis points this week.-
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