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China let the yuan weaken past 7 per dollar, a level it had long treated as a red line. Forecasts for the currency depend on whether the trade war drags into 2020 and hurts exports and investment.
A weaker yuan makes Chinese buyers more price-sensitive toward US farm imports and can offset US tariffs, which tends to pressure US soybean and feed export prices.
reuters.comKevin YaoSep 27, 2019After 398 past bullish macro events, USDCNY moved a median +0.0% over 5 sessions (56% higher; middle half -0.3% to +0.5%), and +0.0% over 20.
After 273 past bearish macro events, SOY moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.4%), and -0.5% 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.
