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Emerging market currencies fell after the US-China trade war escalated and China let the yuan weaken above 7 per dollar for the first time in over a decade. The rupee dropped 1.6% in a single session, its biggest decline.
A sharp yuan-led sell-off in emerging currencies raises the cost of imported feed for Asian buyers and signals weaker Chinese import demand for US soybeans and other feed grains.
reuters.comIndradip Ghosh, Tushar GoenkaAug 7, 2019After 398 past bullish macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (56% higher; middle half -0.3% to +0.5%), and +0.0% over 20.
Not enough comparable past events yet for a historical read.
After 273 past bearish macro events, Soybeans 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.
