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The ringgit rose to an eight-month high against the dollar, closing at 4.1065 on December 30. Crude palm oil gained to its highest level in almost three years after a challenging year for Malaysia's second-largest export.
Analysts cited the US-China phase one deal and Brexit clarity as drivers of ringgit strength.
A near three-year high in CPO reflects tighter palm supply and improved trade sentiment, which supports vegetable oil prices and raises the cost of palm-based feed ingredients. The stronger ringgit also modestly lowers the local-currency cost of imports.
themalaysianreserve.comDayang NorazharDec 31, 2019After 38 past bullish macro events, PALMOIL moved a median +0.5% over 5 sessions (61% higher; middle half -0.5% to +3.0%), and -0.3% over 20.
Not enough comparable past events yet for a historical read.
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.
