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ING's FX daily notes US daily Covid-19 cases hitting records above 80,000 and broader lockdowns across Europe. It expects Asian currencies with better virus profiles to attract attention, and sees the dollar index possibly drifting back toward 93.50.
A firmer dollar from the virus backdrop raises the local-currency cost of dollar-priced feed imports for emerging-market buyers, while a weaker dollar would have the opposite effect.
think.ing.comChris TurnerOct 26, 2020After 359 past neutral macro events, DXY moved a median -0.0% over 5 sessions (49% higher; middle half -0.4% to +0.4%), and -0.1% over 20.
After 169 past neutral macro events, USDCNY moved a median +0.0% over 5 sessions (50% higher; middle half -0.3% to +0.2%), 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.
