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The ringgit opened at 4.0470/0510 against the US dollar on Feb 4, supported by higher oil prices, with Brent nearing US$60 a barrel. OPEC+ kept its current output plans after the Joint Ministerial Monitoring Committee meeting, and China's services PMI slowed to 52.0 in January.
OPEC+ holding output steady supports crude prices, and higher oil supports Malaysian palm oil through biodiesel economics and currency effects. The ringgit's gain was limited by weaker Chinese data.
malaymail.comFeb 4, 2021Not 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.
