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Global equities sold off as confidence in a US-China trade deal weakened, while the offshore yuan slipped and the dollar gained safe-haven demand. The RBNZ cut rates to 1.50% citing emerging headwinds.
A weaker yuan and softer global growth outlook reduce demand expectations for commodities, pressuring agricultural and industrial prices.
think.ing.comChris TurnerMay 8, 2019After 398 past bullish macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (56% higher; middle half -0.3% to +0.5%), and +0.0% over 20.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
After 273 past bearish macro events, Soybeans moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.4%), and -0.5% 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.
A broad risk-off move on 2019-05-08 with weaker trade deal confidence, a slipping offshore yuan and safe-haven dollar demand contributed to the CNY weakness.
