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The Australian dollar and offshore yuan dipped after Moody's cut China's sovereign rating to A1 from Aa3. The Australian dollar fell as much as 0.3 percent to $0.7455, and the yuan slipped to 6.8901 per U.S. dollar.
A weaker yuan against the dollar reflects investor concern about China's debt and growth, which can weigh on China's demand sentiment for commodities. The moves were modest, so the direct price effect on feed markets is limited.
reuters.comMay 24, 2017After 991 past macro events, Chinese Yuan (CNY per USD) moved a median -0.0% over 5 sessions (49% higher; middle half -0.3% to +0.3%), and -0.1% 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.
