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USD/JPY traded at 19-day lows below 108.70 as the yen drew bids despite a steepening US Treasury yield curve. Markets sold dollars amid continued de-escalation of US-China trade tensions, and China's December manufacturing PMI printed above 50 for a second month.
A weaker dollar and improving China growth outlook support commodity demand and dollar-denominated feed prices, though the move is currency-driven rather than a direct supply change.
forexcrunch.comFX StreetDec 31, 2019Not enough comparable past events yet for a historical read.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), 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.
