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The ringgit fell to its weakest level since May 2017, breaching 4.3480/3530 per US dollar on March 17. Brent crude dropped 11.37% overnight to US$31.41 a barrel as Covid-19 and falling oil prices weighed on oil-reliant economies.
A sharp fall in oil and a weaker ringgit raise the local cost of dollar-priced feed imports, and the wider growth shock could reduce demand for livestock products.
nst.com.myBernamaMar 17, 2020Not enough comparable past events yet for a historical read.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% 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.
