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The ringgit rose for a seventh straight session on January 30, 2023, trading near 4.2345/2395 per dollar. The US Dollar Index fell to 101.93, its lowest weekly close in eight months, while crude oil ended the week at US$86.66 per barrel.
A firmer ringgit and weaker dollar reduce the local cost of Malaysian palm oil and support export pricing. Crude oil's weekly decline also trims biofuel-linked demand support, though the effect is modest.
thesun.myThe Sun WebdeskJan 29, 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.
After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
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.
