Rupiah Could Extend Gains as Risk-On Sentiment Acts as a Catalyst

Not 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.

• Mar 27, 2020Ringgit extends gains against US dollar in early session | FMT+37.1%
• Jun 1, 2025Oil falls as higher OPEC+ output expectations weigh on sentiment+6.2%
• Jun 24, 2020C$ dips as pickup in coronavirus cases weighs on sentiment | Financial Post-2.8%
• Jul 19, 2021U.S. dollar, yen climb as Delta variant crushes risk sentiment | Financial Post+0.6%
• May 23, 2022Stocks rally as euro gains on likely rate hikes+1.9%

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.

• Jun 1, 2025Oil falls as higher OPEC+ output expectations weigh on sentiment+4.9%
• May 29, 2026Ringgit opens higher against US$ in improved sentiment | The Star+4.9%
• Nov 22, 2022Oil prices retreat as investor sentiment darkens-5.2%
• Jun 1, 2026Ringgit ends higher against US dollar on renewed risk appetite+1.3%
• May 11, 2020The oil crash couldn’t have come at a better time for India’s rupee+15.8%