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The Malaysian ringgit jumped up to 0.9% against the dollar to 4.4542, its strongest level since mid-August, after Anwar Ibrahim was appointed prime minister. The currency had gained 1.8% the previous day, its largest single-day gain since March 2016.
A firmer ringgit makes Malaysian-denominated palm oil and other commodity costs cheaper in dollar terms for importers, while political stability can support Malaysian palm oil export pricing sentiment.
bloomberg.comJoy LeeNov 25, 2022Not enough comparable past events yet for a historical read.
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.
