ANZ said buoyant crude and palm oil prices could support the ringgit despite Malaysia's worsening Covid outbreak, which has pushed the currency down about 1.3% against the dollar in May. Brent was near $69 and crude palm oil was around 4,024 ringgit per ton after rallying as high as RM4,525 earlier in May.
Firm palm oil prices support palm oil as a vegetable oil and feed ingredient, while a weaker ringgit could make Malaysian palm exports more competitive.
After 38 past bullish macro events, Palm Oil moved a median +0.5% over 5 sessions (61% higher; middle half -0.5% to +3.0%), and -0.3% over 20.
Not enough comparable past events yet for a historical read.
After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% 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.