# Local Currency Depreciates Against the Greenback Ahead of Fed’s Meeting (Updated)

> The Malaysian ringgit slipped in early trade on January 31, 2023, to 4.2450/2500 per US dollar as the greenback firmed ahead of the Federal Reserve meeting. The dollar was on track for a fourth monthly decline, with investors expecting US rates to peak soon.

- Date: 2023-01-31 · published 2023-01-31T12:00:00.000Z
- Category: macro · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/38040-local-currency-depreciates-against-the-greenback-ahead-of-fed-s-meeting-updated
- Commodities: [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

A weaker ringgit modestly lowers the cost of Malaysian palm oil in dollar terms and can support palm prices. The move is small and tied to general dollar positioning, so the effect on feed prices is minor.

## Read by commodity

- DXY: neutral
- USDMYR: bearish ▼
- PALMOIL: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2025-05-07 | [Dollar languishes ahead of Federal Reserve meeting, Asian currencies calmer](https://feedsoft.ai/events/9623-dollar-languishes-ahead-of-federal-reserve-meeting-asian-currencies-calmer.md) | +0.8% | -0.8% |
| DXY | 2025-08-26 | [Ringgit slips against greenback on profit-taking ahead of US economic data release \| Malay Mail](https://feedsoft.ai/events/23586-ringgit-slips-against-greenback-on-profit-taking-ahead-of-us-economic-data.md) | +0.2% | -0.7% |
| DXY | 2018-02-23 | [Chinese yuan against the dollar: China currency appreciation](https://feedsoft.ai/events/66714-chinese-yuan-against-the-dollar-china-currency-appreciation.md) | +0.6% | -0.6% |
| DXY | 2019-06-17 | [Forex Market: Dollar steady ahead of Fed meeting; low chances of June rate cut](https://feedsoft.ai/events/58784-forex-market-dollar-steady-ahead-of-fed-meeting-low-chances-of-june-rate-cut.md) | -0.9% | -1.1% |
| DXY | 2018-09-26 | [A crucial Fed meeting for the dollar \| articles \| ING THINK](https://feedsoft.ai/events/63240-a-crucial-fed-meeting-for-the-dollar-articles-ing-think.md) | +0.2% | +1.5% |
| PALMOIL | 2025-06-30 | [Ringgit closes higher against major currencies \| The Star](https://feedsoft.ai/events/24461-ringgit-closes-higher-against-major-currencies-the-star.md) | +2.5% | +5.5% |
| PALMOIL | 2024-04-08 | [Ringgit sole regional currency to strengthen against USD since Feb 26: BNM  \| Scoop](https://feedsoft.ai/events/31020-ringgit-sole-regional-currency-to-strengthen-against-usd-since-feb-26-bnm-scoop.md) | -1.3% | -10.7% |
| PALMOIL | 2022-06-28 | [Ringgit appreciates against US dollar on improved market sentiment \| Malay Mail](https://feedsoft.ai/events/41230-ringgit-appreciates-against-us-dollar-on-improved-market-sentiment-malay-mail.md) | -24.1% | -29.6% |

## Sources

- businesstoday.com.my: https://www.businesstoday.com.my/2023/01/31/local-currency-depreciates-against-the-greenback-ahead-of-feds-meeting/

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