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The won-dollar rate fell below 1,140 intraday on October 20, 2020, for the first time since April 2019, trading at 1,139.75 per dollar in Seoul. The move followed continued strength in the Chinese yuan, which the People's Bank of China set at about 6.70 per dollar, a 1.5-year high.
The won and yuan strength reflects expectations of a Chinese recovery and firmer Asian demand, a modest supportive background for feed import demand. The direct impact on grain and meal prices is small.
asiae.co.krOct 20, 2020Not enough comparable past events yet for a historical read.
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.
