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The ringgit closed higher against the US dollar at 4.3960/3975 on June 28, rebounding from the previous day's losses. The move followed S&P Global Ratings' revision of Malaysia's sovereign outlook to stable from negative and affirmation of its A- rating.
Brent crude was trading near US$117.30 per barrel.
A firmer ringgit lowers the ringgit cost of Malaysian palm oil and makes imports priced in dollars marginally cheaper for Malaysian buyers. The effect on feed prices is small, since the move is driven mainly by sovereign rating news.
malaymail.comJun 28, 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.
