This afternoon’s AGN update covers Malaysia’s ringgit rally, Bitcoin’s new milestone, and OpenAI’s AI leap into the Middle East.
Malaysia
Malaysia’s ringgit is poised to be Southeast Asia’s top gainer, thanks to exporters converting foreign earnings into local currency. With US$62.2 billion in regional foreign currency deposits—largely attributed to Malaysia—the nation’s foreign deposit growth far exceeds its peers.
- Ringgit rose 5% YTD, second-best among emerging currencies
- OCBC warns of possible “excessive local currency strength”
- Malaysia’s central bank notes 10.6% of deposits are in foreign currencies
International
Bitcoin has crossed the historic US$111,000 mark amid a powerful market rally. The surge comes as investors grow confident over pending regulation in the US and renewed demand from institutions. Crypto ETFs have attracted US$4.2 billion in May alone.
- BTC up 17% YTD
- Top-performing altcoins gaining traction
- Traders now eyeing next leg to US$125,000
Asia
OpenAI has announced a major strategic expansion with its new AI Stargate data centre in Abu Dhabi. In partnership with G42 and the UAE’s sovereign fund, the centre will serve as a regional hub for cutting-edge AI development.
- 5-gigawatt AI cluster
- First Stargate outside the US
- Strategic partnership amid rising global tech tensions
For more in-depth coverage, subscribe at agn.alps-holdings.com and stay updated with AGN.
