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The ringgit rose to 4.0530/0560 per dollar, extending the previous day's gains as Brent traded above US$50 for the first time since the March crash. Hopes for a faster vaccine rollout supported expectations of higher oil demand in early 2021.
Higher oil prices support the ringgit because Malaysia is a major oil producer, and firmer crude can lift energy-linked costs for feed production and transport. The currency move itself has limited direct feed impact.
malaysiajournal.comDec 11, 2020
thesun.myThe Sun WebdeskDec 10, 2020Not enough comparable past events yet for a historical read.
After 487 past bullish macro events, WTI moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.
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.
