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The yuan is set for its biggest annual loss against the dollar since 1994, despite a strong recovery over the prior two months. USD/CNY peaked near 7.30 in late October to early November.
The author links the yuan's weakness to a stronger dollar and expects the Fed tightening cycle to be questioned.
Yuan weakness through 2022 raised the dollar cost of Chinese imports, while a softer dollar outlook could reduce that pressure. The story describes a past move more than a new price driver.
fxnews24.co.ukDavid GrahamJan 1, 2023
investinglive.comJustin LowDec 30, 2022After 2,356 past bullish macro events, US Dollar (Broad) 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, Chinese Yuan (CNY per USD) 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.
