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Reuters reports that the yuan has reached a nine-year low and the yen is less than 1% from a fresh 50-year low against the dollar. The weakness is said to be even more pronounced on a broad real effective exchange rate basis.
Weak yuan and yen raise import costs for two major Asian feed buyers and could shift demand toward cheaper origins. Currency pressure in China may also affect its purchasing pace for US grains and meal.
reuters.comJamie McGeeverJun 29, 2023After 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.
Not enough comparable past events yet for a historical read.
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.
