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The yuan firmed on Thursday as China's Q1 industrial profits fell 21% year on year, a smaller decline than the 23% slump in January-February. Weakness in the US dollar also helped the currency recover some lost ground.
Q1 GDP grew 4.5%.
Signs of a slow China recovery point to moderate feed demand growth, while a firmer yuan slightly lowers the local cost of dollar-priced imports. The price effect for feed commodities is small.
brecorder.comReutersApr 27, 2023After 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.
After 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.
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.
