# Ringgit set to gain further against US dollar with support from economic data and Fed moves | Malay Mail

> The ringgit is expected to trade higher against the US dollar next week, with analysts citing sustained local demand and a likely breach of the RM4.3030 support level. Key data to watch include Bank Negara's policy meeting and the US non-farm payrolls report.

- Date: 2024-08-31 · published 2024-08-31T12:00:00.000Z
- Category: macro · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/29071-ringgit-set-to-gain-further-against-us-dollar-with-support-from-economic-data
- Commodities: [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

A stronger ringgit makes Malaysian palm oil more expensive in dollar terms for importers, which can weigh on palm oil prices, while a firm dollar-ringgit trend shapes regional feed purchasing costs.

## Read by commodity

- USDMYR: bearish ▼
- PALMOIL: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2021-01-14 | [StanChart sees ringgit rising to 3.90 against US dollar by end-2021 \| Malay Mail](https://feedsoft.ai/events/49426-stanchart-sees-ringgit-rising-to-3-90-against-us-dollar-by-end-2021-malay-mail.md) | -4.2% | -7.6% |
| PALMOIL | 2022-06-28 | [Ringgit appreciates against US dollar on improved market sentiment \| Malay Mail](https://feedsoft.ai/events/41230-ringgit-appreciates-against-us-dollar-on-improved-market-sentiment-malay-mail.md) | -24.1% | -29.6% |
| PALMOIL | 2018-09-13 | [Expect US dollar to continue rising against ringgit, say economists \| FMT](https://feedsoft.ai/events/63307-expect-us-dollar-to-continue-rising-against-ringgit-say-economists-fmt.md) | -1.7% | -2.6% |
| PALMOIL | 2022-11-30 | [Ringgit ends higher against US dollar on positive China sentiment \| Malay Mail](https://feedsoft.ai/events/38930-ringgit-ends-higher-against-us-dollar-on-positive-china-sentiment-malay-mail.md) | +3.7% | -0.4% |
| PALMOIL | 2024-09-29 | [Ringgit set to go below 4.1 against US dollar and continue rising amid cautious outlook on US data](https://feedsoft.ai/events/28586-ringgit-set-to-go-below-4-1-against-us-dollar-and-continue-rising-amid-cautious.md) | +9.1% | +9.7% |

## Sources

- malaymail.com: https://www.malaymail.com/news/money/2024/08/31/ringgit-set-to-gain-further-against-us-dollar-with-support-from-economic-data-and-fed-moves/148803

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.