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The Malaysian ringgit rose 0.6% to 4.5922 per dollar late Wednesday, gaining for an eighth straight day and erasing its losses for the year. The move follows expectations of a Federal Reserve rate cut and stronger domestic growth.
A firmer ringgit lowers the ringgit cost of palm oil exports and can weigh on Malaysian palm oil prices in USD terms, while a weaker dollar generally supports commodity buying.
bloomberg.comMarcus WongJul 31, 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.
