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The yuan rose on June 19 after Bloomberg reported Beijing would speed up purchases of US farm goods following high-level talks in Hawaii. The onshore yuan ended 0.15% higher at 7.0780 per dollar.
Faster Chinese buying of US agricultural products supports US grain and soybean export demand and prices, while the currency move reflects that improved trade sentiment.
brecorder.comReutersJun 19, 2020After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% over 20.
After 22 past bearish trade events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (41% higher; middle half -0.7% to +0.3%), and -0.3% 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.
