In Asia, US dollar’s growing strength gives rise to stability concerns, suspected rate intervention

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.

• Sep 18, 2017Dollar hits seven week high against the yen as Fed meeting on US interest rates eyed | South China Morning Post+0.4%
• Apr 20, 2020Coronavirus boost to the US dollar shows China must do more to win global trust in the renminbi | South China Morning Post+1.1%
• Sep 27, 2018World’s two largest economies diverge as China leaves key interest rate unchanged in wake of US Fed cut | South China Morning Post+0.4%
• Nov 14, 2016Chinese yuan tumbles to a seven-year low as dollar surges | South China Morning Post+1.4%
• Mar 28, 2024The US Dollar Holds Strong as Interest Rate Cuts Are Expected to Be More Gradual in the United States - Desjardins+0.0%

After 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.

• Sep 27, 2018World’s two largest economies diverge as China leaves key interest rate unchanged in wake of US Fed cut | South China Morning Post-0.1%
• Nov 14, 2016Chinese yuan tumbles to a seven-year low as dollar surges | South China Morning Post+1.3%
• Nov 2, 2021Macroscope | Why the wind behind the Chinese yuan’s strength is likely to die down in 2022 | South China Morning Post-0.1%
• Nov 30, 2016Robust dollar, tumbling yuan underline need for US-China currency deal | South China Morning Post-0.2%
• May 5, 2022US Fed rate hike: how can China stem capital outflow and prop up the yuan? | South China Morning Post+1.7%

Not enough comparable past events yet for a historical read.