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The renminbi rallied by the most in over two months after President Trump said trade discussions with China were moving along nicely. The onshore yuan rose 0.8 percent to 6.9188 per dollar, its strongest level in over a week.
Easing trade tensions support Chinese demand for US farm products, which is bullish for US feed commodities. The currency rally also lowers the dollar cost of Chinese imports.
cn.ft.comNov 1, 2018After 22 past bearish trade events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (41% higher; middle half -0.7% to +0.3%), and -0.3% over 20.
After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% 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.
