# EM FX: Floating in a sea of red | articles | ING THINK

> 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.

- Date: 2019-05-08 · published 2019-05-08T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/10432-em-fx-floating-in-a-sea-of-red-articles-ing-think
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

A weaker yuan and softer global growth outlook reduce demand expectations for commodities, pressuring agricultural and industrial prices.

## Read by commodity

- DXY: bullish ▲
- SOY: bearish ▼
- USDCNY: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| USDCNY | 2019-05-09 | 1 | +0.6% | 3.4 | 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. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2025-04-16 | [Asia FX Talking: Pressure builds on the renminbi \| articles \| ING THINK](https://feedsoft.ai/events/25366-asia-fx-talking-pressure-builds-on-the-renminbi-articles-ing-think.md) | -0.0% | -1.5% |
| USDCNY | 2022-10-25 | [FX Daily: People’s Bank of China loosens its hold on the renminbi \| articles \| ING THINK](https://feedsoft.ai/events/39356-fx-daily-people-s-bank-of-china-loosens-its-hold-on-the-renminbi-articles-ing.md) | +0.6% | -1.7% |
| USDCNY | 2018-06-29 | [Why we’re revising our yuan forecast down again \| articles \| ING THINK](https://feedsoft.ai/events/8537-why-we-re-revising-our-yuan-forecast-down-again-articles-ing-think.md) | +0.2% | +2.8% |
| USDCNY | 2018-05-30 | [Why we’re forecasting the yuan to depreciate \| articles \| ING THINK](https://feedsoft.ai/events/65232-why-we-re-forecasting-the-yuan-to-depreciate-articles-ing-think.md) | -0.2% | +2.5% |
| USDCNY | 2022-05-09 | [FX Daily: Renminbi re-appraisal keeps emerging market FX on back foot \| articles \| ING THINK](https://feedsoft.ai/events/10989-fx-daily-renminbi-re-appraisal-keeps-emerging-market-fx-on-back-foot-articles.md) | +1.8% | -0.2% |
| DXY | 2024-02-05 | [FX Daily: Flip Flop \| articles \| ING THINK](https://feedsoft.ai/events/31892-fx-daily-flip-flop-articles-ing-think.md) | +0.1% | -0.0% |
| DXY | 2020-03-13 | [FX daily: Dislocation, dislocation, dislocation \| articles \| ING THINK](https://feedsoft.ai/events/6276-fx-daily-dislocation-dislocation-dislocation-articles-ing-think.md) | +3.8% | +1.6% |
| DXY | 2021-06-17 | [FX Daily: The Fed disrupting the calm \| articles \| ING THINK](https://feedsoft.ai/events/6129-fx-daily-the-fed-disrupting-the-calm-articles-ing-think.md) | +1.1% | +1.7% |

## Sources

- think.ing.com: https://think.ing.com/articles/emfx-floating-in-a-sea-of-red/

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