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The ringgit closed higher against the US dollar on June 23, 2020, supported by firmer oil prices and comments from Finance Minister Tengku Zafrul on the economy. Brent crude rose 2.1% to US$43.08 a barrel on limited supply from major producers.
The minister also said most of Malaysia's government debt is domestic, limiting foreign exchange exposure.
A firmer ringgit lifts the local-currency cost of palm oil for foreign buyers, which can soften export demand. Higher crude oil prices support palm oil through biodiesel demand.
sinarharian.com.myWartawan Sinar HarianJun 23, 2020Not 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.
