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The US dollar rose to a 10-week high against major currencies, while the euro and yuan fell. In Asia, trading focused on Beijing's fiscal stimulus briefing, where the finance minister promised more counter-cyclical measures, and the offshore yuan fell 0.3% to 7.0906.
A stronger dollar tends to pressure dollar-denominated grain and oilseed prices, while a weaker yuan makes Chinese imports more costly. Further Chinese stimulus could partly offset this by supporting demand.
reuters.comGertrude Chavez-DreyfussOct 14, 2024After 2,356 past bullish macro events, DXY moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
After 398 past bullish macro events, USDCNY moved a median +0.0% over 5 sessions (56% higher; middle half -0.3% to +0.5%), and +0.0% 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.
The dollar hit a 10-week high on Oct 14 and the offshore yuan fell 0.3% to 7.0906, directly driving USD/CNY higher within the window.
