# Major foreign exchange pairs hold steady - OMFIF

> 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.

- Date: 2020-05-29 · published 2020-05-29T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/53380-major-foreign-exchange-pairs-hold-steady-omfif
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

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.

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2020-10-10 | [Forex (Foreign Exchange) News: PBOC Lowers Risk Reserves Ratio for FX Forwards - Bloomberg](https://feedsoft.ai/events/5556-forex-foreign-exchange-news-pboc-lowers-risk-reserves-ratio-for-fx-forwards.md) | -0.2% | -1.0% |
| USDCNY | 2019-11-01 | [No major changes in the yuan’s exchange rate since August](https://feedsoft.ai/events/56297-no-major-changes-in-the-yuan-s-exchange-rate-since-august.md) | -0.9% | +0.0% |
| USDCNY | 2019-09-13 | [Vietnams Strong Foreign Currency Supply Helps Stabilise USD/VND Exchange Rate - InFocus Vietnam](https://feedsoft.ai/events/57359-vietnams-strong-foreign-currency-supply-helps-stabilise-usd-vnd-exchange-rate.md) | +0.2% | +0.5% |
| USDCNY | 2019-05-23 | [Trade tensions are starting to pull foreign-exchange markets into the arena \| INTERNATIONAL MARKET NEWS - Business Standard](https://feedsoft.ai/events/59285-trade-tensions-are-starting-to-pull-foreign-exchange-markets-into-the-arena.md) | -0.1% | -0.8% |
| USDCNY | 2019-12-07 | [China's November foreign exchange reserves fall amid trade deal negotiations](https://feedsoft.ai/events/55803-china-s-november-foreign-exchange-reserves-fall-amid-trade-deal-negotiations.md) | -0.6% | -1.3% |

## Sources

- omfif.org: https://www.omfif.org/2020/05/major-foreign-exchange-pairs-hold-steady/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.