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The ringgit posted its fourth consecutive weekly gain, rising almost 2.0% against the US dollar. The move was driven by a sharp fall in the dollar index to as low as 104.7 after a dovish speech by Fed Chair Powell.
Lower-than-expected core PCE inflation and China's COVID relaxation also supported the ringgit.
A stronger ringgit lowers the local currency cost of dollar-priced feed ingredients, which benefits Malaysian feed buyers. The gains are currency-driven and the upside is seen as limited.
businesstoday.com.myDec 2, 2022Not 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.
