# The Ringgit Supported By Global Sentiment, Domestic Political Stability, U.S. Dollar Moderation, Says Deputy Finance Minister

> Deputy Finance Minister Steven Sim said the ringgit had strengthened 3.2% between November 4, 2022 and February 17, 2023. He attributed the gain to domestic political stability, improved investor confidence, a moderating US dollar, expectations of slower US rate hikes, and China's border reopening on January 8.

- Date: 2023-02-22 · published 2023-02-22T12:00:00.000Z
- Category: macro · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/37605-the-ringgit-supported-by-global-sentiment-domestic-political-stability-u-s
- Commodities: [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

A firmer ringgit raises the ringgit price of Malaysian palm oil exports, which can support palm oil prices. The gain is mainly driven by dollar moderation and sentiment rather than a new commodity-specific cause.

## Read by commodity

- USDMYR: bearish ▼
- PALMOIL: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2022-11-25 | [Malaysian ringgit extends gains on hopes of stability after PM appointment \| Financial Post](https://feedsoft.ai/events/38932-malaysian-ringgit-extends-gains-on-hopes-of-stability-after-pm-appointment.md) | +3.4% | -0.7% |
| PALMOIL | 2020-07-21 | [Ringgit dibuka tinggi, sentimen risiko global kian baik - DestinaAsia](https://feedsoft.ai/events/52379-ringgit-dibuka-tinggi-sentimen-risiko-global-kian-baik-destinaasia.md) | +0.4% | +8.7% |
| PALMOIL | 2022-11-30 | [Ringgit ends higher against US dollar on positive China sentiment \| Malay Mail](https://feedsoft.ai/events/38930-ringgit-ends-higher-against-us-dollar-on-positive-china-sentiment-malay-mail.md) | +3.7% | -0.4% |
| PALMOIL | 2024-08-31 | [Ringgit set to gain further against US dollar with support from economic data and Fed moves \| Malay Mail](https://feedsoft.ai/events/29071-ringgit-set-to-gain-further-against-us-dollar-with-support-from-economic-data.md) | +3.9% | +7.1% |
| PALMOIL | 2024-09-26 | [BNM deputy governor: Malaysia’s reforms and US interest rate clarity keep ringgit on the up \| Malay Mail](https://feedsoft.ai/events/28588-bnm-deputy-governor-malaysia-s-reforms-and-us-interest-rate-clarity-keep.md) | +8.4% | +9.5% |

## Sources

- businesstoday.com.my: https://www.businesstoday.com.my/2023/02/22/the-ringgit-supported-by-global-sentiment-domestic-political-stability-u-s-dollar-moderation-says-deputy-finance-minister/

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.