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The ringgit ended 2023 down about 5.4% against the US dollar, closing at RM4.6340 on December 26 after reaching a 1998-era low of RM4.735 in October. Bank Negara Malaysia attributed the weakness mainly to Fed tightening and slower Chinese growth.
A weaker ringgit makes Malaysian palm oil cheaper for some importers in dollar terms while raising local costs for imported feed inputs, so the currency is a secondary factor for palm-oil-based feed pricing.
themalaysianreserve.comZukriDec 27, 2023After 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.
