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The onshore yuan was the strongest Asian currency over the week, gaining 0.8%, as the US dollar broadly depreciated. Westpac analysts suggested official involvement and kept a 12-month USD/CNY forecast of 7.20.
A broadly weaker dollar typically supports dollar-priced commodities and improves import affordability for China. The yuan move is modest and may not persist.
octaafrica.netJun 29, 2017After 1,637 past bearish macro events, DXY moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
After 362 past bearish macro events, USDCNY moved a median -0.1% over 5 sessions (42% higher; middle half -0.4% to +0.1%), and -0.2% 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.
