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The Malaysian ringgit is on track for its worst monthly performance since August 2015, down more than 6% against the dollar in October. It traded at 4.39 per dollar on Wednesday as investors reduced risk exposure ahead of the US election.
A weaker ringgit makes Malaysian palm oil cheaper in dollar terms for foreign buyers, which can support export demand but also tends to pressure palm oil prices in ringgit terms via currency-linked selling.
bloomberg.comKarl Lester YapNov 1, 2024Not enough comparable past events yet for a historical read.
After 86 past neutral macro events, Palm Oil moved a median +0.3% over 5 sessions (56% higher; middle half -1.6% to +2.0%), and +1.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
