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Major currency pairs such as dollar/euro and dollar/yen have traded in narrow ranges during the Covid-19 shock, unlike the 2008 crisis. Emerging market currencies have depreciated sharply, while cross-currency swap points rose as investors scrambled for dollar liquidity and the Federal Reserve offset this with dollar swaps.
Stable major pairs and Fed dollar swap support limit broad dollar swings that would otherwise move dollar-priced grain and oilseed values. Emerging market currency weakness, however, can still weigh on import demand in those countries.
omfif.orgMark SobelMay 29, 2020After 991 past macro events, Chinese Yuan (CNY per USD) moved a median -0.0% over 5 sessions (49% higher; middle half -0.3% to +0.3%), and -0.1% 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.
