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The ringgit opened higher on July 21, 2020, at 4.2550/2600 from 4.2600/2650, on better global risk sentiment tied to the Oxford/AstraZeneca vaccine data. An analyst noted that China selling stockpiles could limit oil price gains and cap the ringgit's rise.
Chinese stockpile sales could cap crude gains, which would weigh on commodity-exporter currencies such as the ringgit and on palm oil prices.
destina.myHelmi AzizJul 21, 2020Not enough comparable past events yet for a historical read.
After 54 past neutral macro events, Crude Oil (Brent) moved a median +0.4% over 5 sessions (57% higher; middle half -2.8% to +2.5%), and +0.6% over 20.
After 86 past neutral macro events, Palm Oil moved a median +0.3% over 5 sessions (56% higher; middle half -1.6% to +2.0%), and +1.0% 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.
