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ING revised its USD/CNY and USD/CNH forecasts to reflect a weaker yuan, citing rising US-China trade and technology tensions. ING still expects the 7.0 level to hold because a move through it would cause severe onshore market turmoil.
A forecast for a weaker yuan implies more expensive Chinese imports of US farm goods, but a held 7.0 level limits how far the currency drag on feed demand could extend.
think.ing.comJun 3, 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.
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.
