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The ringgit snapped a two-day gain to close at 4.1550/1580 per US dollar on October 18, 2018. The greenback rallied after minutes from the Fed's September meeting showed policymakers backed further rate hikes.
Falling crude oil prices, tied to a surge in US crude inventories, also weighed on the currency.
A weaker ringgit raises the local-currency cost of Malaysian palm oil and other exports, while firmer dollar strength tends to pressure commodity prices priced in USD. Lower crude also cuts Malaysia's energy revenue.
freemalaysiatoday.comBernamaOct 18, 2018Not enough comparable past events yet for a historical read.
After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 86 past neutral macro events, Palm Oil moved a median +0.3% over 5 sessions (56% higher; middle half -1.6% to +2.0%), and +1.0% 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.
