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The ringgit opened higher against the US dollar on renewed demand for the local currency as crude oil prices recovered. Brent was trading around US$21.20 per barrel.
The ringgit also weakened against the Singapore dollar, yen, pound and euro at the open.
Malaysia is a net oil exporter and the ringgit tracks crude and risk sentiment closely, so a firmer oil price supports the currency. This is a currency move rather than a direct change in feed-ingredient supply or demand.
nst.com.myBernamaApr 27, 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.
