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The ringgit reversed earlier losses and opened higher against the dollar on April 28. The move followed US first-quarter GDP growth of 1.1%, below the 2.0% forecast, which weighed on the dollar.
A stronger ringgit lowers the local cost of dollar-priced feed imports, though the effect is modest. The result depends mainly on US data rather than on any commodity-specific development.
businesstoday.com.myApr 28, 2023Not enough comparable past events yet for a historical read.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% 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.
