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ING's Asia FX Outlook for 2024 says Asian currencies lost ground to the US dollar in 2023, with the ringgit the weakest at more than 5.5% lower. It expects partial recovery in 2024 but flags event risks from soft Chinese growth and elections, including Taiwan in January.
Expected Asian currency recovery would lower the local-currency cost of dollar-priced feed imports across the region. Chinese growth risks could also soften demand for feed ingredients.
think.ing.comNicholas Mapa, Min Joo KangNov 15, 2023After 169 past neutral macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (50% higher; middle half -0.3% to +0.2%), and -0.0% over 20.
Not enough comparable past events yet for a historical read.
After 359 past neutral macro events, US Dollar (Broad) moved a median -0.0% over 5 sessions (49% higher; middle half -0.4% to +0.4%), 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.
