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The ringgit opened stronger against the US dollar at 4.0260/0310, up from 4.0350/0390 the previous close, as Covid-19 vaccine optimism lifted risk sentiment. Brent crude rose 0.5% to US$51.34 per barrel, supporting the currency.
A firmer ringgit lowers the ringgit cost of dollar-priced imports such as feed ingredients and makes Malaysian palm oil relatively more expensive in local terms. The move is mainly currency-driven, with limited direct effect on feed prices.
malaymail.comDec 31, 2020Not enough comparable past events yet for a historical read.
After 323 past bullish macro events, 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.
