# FX Daily: Renminbi re-appraisal keeps emerging market FX on back foot | articles | ING THINK

> The dollar started the week of May 9, 2022 at marginal new highs, driven by Fed tightening, the war in Ukraine, and China's slowdown. Renminbi weakness has kept emerging-market currencies under pressure.

- Date: 2022-05-09 · published 2022-05-09T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/10989-fx-daily-renminbi-re-appraisal-keeps-emerging-market-fx-on-back-foot-articles
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md), [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

A stronger dollar lowers the local-currency cost of US commodity exports but raises costs for importers in weaker-currency markets, which can soften demand. Pressure on emerging-market currencies can also slow feed import purchases in those countries.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| USDCNY | 2022-05-09 | 1 | +1.0% | 3.3 | Same-day FX note on a firmer dollar at new highs, with China's slowdown and renminbi weakness weighing on EM currencies, points to broad dollar strength and sentiment as drivers. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 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 | 2024-02-29 | [FX Daily: US and eurozone inflation may endorse market pricing \| articles \| ING THINK](https://feedsoft.ai/events/31880-fx-daily-us-and-eurozone-inflation-may-endorse-market-pricing-articles-ing-think.md) | -0.5% | -0.1% |
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| DXY | 2024-02-06 | [FX Daily: On the path to KRW deliverability \| articles \| ING THINK](https://feedsoft.ai/events/31904-fx-daily-on-the-path-to-krw-deliverability-articles-ing-think.md) | -0.3% | -0.4% |
| EURUSD | 2022-12-16 | [FX Daily: ECB slams brakes on growth and the euro \| articles \| ING THINK](https://feedsoft.ai/events/38436-fx-daily-ecb-slams-brakes-on-growth-and-the-euro-articles-ing-think.md) | -0.5% | +1.5% |
| EURUSD | 2024-11-21 | [FX Daily: Soft euro story dominates \| articles \| ING THINK](https://feedsoft.ai/events/27713-fx-daily-soft-euro-story-dominates-articles-ing-think.md) | +0.5% | -1.6% |
| EURUSD | 2023-10-25 | [FX Daily: Hawks versus data, part one \| articles \| ING THINK](https://feedsoft.ai/events/33851-fx-daily-hawks-versus-data-part-one-articles-ing-think.md) | -0.3% | +2.6% |

## Sources

- think.ing.com: https://think.ing.com/articles/fx-daily-renminbi-re-appraisal-keeps-emerging-market-fx-on-back-foot/

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