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The ringgit was on track for its longest winning streak in 14 years, rising 1.6% against the dollar on August 2 for a 10th straight day. The gains reflected optimism about Malaysia's economy and foreign fund inflows.
A sharply stronger ringgit lowers the local-currency cost of dollar-priced palm oil exports, a modest bearish factor for palm oil prices.
bloomberg.comMarcus WongAug 2, 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.
