Following the appointment of Anwar Ibrahim as Malaysia's new prime minister, the Ringgit jumped for the second day in a row by as much as 0.9% against the dollar, making it the best-performing currency in Asia, according to a Bloomberg report. However, the stock benchmark index fell much as 1.3% on profit-taking after the market added about $19 billion in value on Thursday, the report said.
The U.S. dollar commenced the week on a strong note, with the dollar index rising 0.53% to 107.49, boosted by defensive buying as investors weighed in on a spike in COVID-19 cases in China.
The Invesco DB US Dollar Index Bullish Fund rebounded by 0.6% Monday morning after a difficult week last week. Investors dumped the dollar last week following encouraging inflation data, but Federal Reserve Governor Christopher Waller said Sunday that the Fed still has a long way to go to get inflation under control.
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