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The ringgit opened higher at 4.1510 per US dollar, despite a stronger greenback. Support came from steady crude prices and S&P's affirmation of Malaysia's sovereign credit rating, while Fed chair Jerome Powell's comments that rate hikes were not imminent eased pressure.
A stronger ringgit lowers the local cost of dollar-denominated feed imports, but crude price support also matters for biofuel-linked demand for vegetable oils.
malaymail.comJun 23, 2021Not enough comparable past events yet for a historical read.
After 102 past neutral macro events, WTI moved a median -0.1% over 5 sessions (49% higher; middle half -3.3% to +2.5%), and +1.8% 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.
