# Ringgit snaps 2-day gaining streak to end lower vs US dollar | FMT

> 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.

- Date: 2018-10-18 · published 2018-10-18T12:00:00.000Z
- Category: macro · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/62789-ringgit-snaps-2-day-gaining-streak-to-end-lower-vs-us-dollar-fmt
- Commodities: [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼
- USDMYR: bullish ▲
- PALMOIL: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-03-27 | [Ringgit extends gains against US dollar in early session \| FMT](https://feedsoft.ai/events/54377-ringgit-extends-gains-against-us-dollar-in-early-session-fmt.md) | +37.1% | -32.8% |
| WTI | 2022-12-06 | [Ringgit ends lower against US dollar as oil prices decline \| Malay Mail](https://feedsoft.ai/events/38501-ringgit-ends-lower-against-us-dollar-as-oil-prices-decline-malay-mail.md) | -5.0% | -5.3% |
| WTI | 2020-09-04 | [Oil drops nearly 4% to end the week lower, snapping four-week win streak](https://feedsoft.ai/events/7474-oil-drops-nearly-4-to-end-the-week-lower-snapping-four-week-win-streak.md) | -9.8% | -10.7% |
| WTI | 2018-02-22 | [Feb 22: Ringgit slips against US dollar for fourth consecutive day](https://feedsoft.ai/events/66757-feb-22-ringgit-slips-against-us-dollar-for-fourth-consecutive-day.md) | -0.3% | +5.5% |
| WTI | 2023-01-29 | [Ringgit extends winning streak](https://feedsoft.ai/events/38041-ringgit-extends-winning-streak.md) | -7.9% | -5.2% |
| PALMOIL | 2018-09-13 | [Expect US dollar to continue rising against ringgit, say economists \| FMT](https://feedsoft.ai/events/63307-expect-us-dollar-to-continue-rising-against-ringgit-say-economists-fmt.md) | -1.7% | -2.6% |
| PALMOIL | 2021-01-14 | [StanChart sees ringgit rising to 3.90 against US dollar by end-2021 \| Malay Mail](https://feedsoft.ai/events/49426-stanchart-sees-ringgit-rising-to-3-90-against-us-dollar-by-end-2021-malay-mail.md) | -4.2% | -7.6% |
| PALMOIL | 2021-03-30 | [Ringgit opens easier against US Dollar](https://feedsoft.ai/events/48387-ringgit-opens-easier-against-us-dollar.md) | -4.0% | -0.7% |

## Sources

- freemalaysiatoday.com: https://www.freemalaysiatoday.com/category/business/2018/10/18/ringgit-snaps-2-day-gaining-streak-to-end-lower-vs-us-dollar

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.