Loading…
The ringgit opened higher against the dollar, tracking a rise in Brent crude to around $63.84 a barrel after Iran's foreign minister said Tehran would avoid conflict with the US. The rally followed the attack on Saudi facilities that temporarily shut 5.7 million bpd of output.
The ringgit also gained against the Singapore dollar and yen.
Higher crude supports Malaysia's oil-linked currency and palm oil's energy-linked demand, which can lift vegetable oil prices.
malaymail.comSep 20, 2019After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
Not enough comparable past events yet for a historical read.
After 62 past bullish geopolitics events, Palm Oil moved a median +2.5% over 5 sessions (74% higher; middle half -0.1% to +5.8%), and +4.0% 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.
