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The yuan eased against the dollar after hawkish comments from Minneapolis Fed President Neel Kashkari that the Fed may hold rates steady all year. The PBOC set its midpoint at 7.1016 per dollar, weaker than the prior fix but firmer than expected.
The dollar index rose to 105.549.
A firmer dollar and weaker yuan raise the cost of dollar-priced feed imports for Chinese buyers and can dampen Chinese import demand for US feed commodities.
brecorder.comReutersMay 8, 2024After 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.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% 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.
