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Bank Indonesia unexpectedly raised its 7-day reverse repo rate by 25 basis points to 6.25%, its first hike since October. The move aims to support the rupiah, which had fallen to four-year lows amid risk aversion and delayed expectations of US easing.
A stronger rupiah and tighter Indonesian policy reduce import cost pressure for Indonesian feed and oilseed buyers, while a firmer dollar environment generally weighs on dollar-denominated commodity prices.
reuters.comGayatri SuroyoApr 24, 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.
