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ANZ Bank forecasts USD/MYR will fall to 4.12 by end-2021 and to 4.03 by end-2022, citing strong terms of trade and a resilient export sector. The bank expects continued demand for commodities and high oil prices to support the ringgit.
A firmer ringgit would make dollar-priced Malaysian palm oil relatively more expensive for buyers outside Malaysia, a modest headwind for palm oil prices if the forecast plays out.
ms.octabroker.comSep 29, 2021Not 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.
