IMF says dollar overvalued while China’s yuan and Japanese yen in line with fundamentals

After 1,637 past bearish macro events, DXY moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.

• Sep 29, 2017Can the US dollar make a comeback? | South China Morning Post+0.3%
• Dec 5, 2022China’s yuan strengthens past 7 per US dollar amid easing of coronavirus curbs | South China Morning Post+0.3%
• Feb 28, 2018Japanese yen may strengthen as dollar weakens: Morgan Stanley and ING-0.1%
• Dec 1, 2022US dollar strength has ‘reached peak’, China’s central bank says, as Fed considers scaling back rate hikes | South China Morning Post-0.6%
• Aug 21, 2017Macroscope | How to read the outlook for the US dollar | South China Morning Post-0.6%

After 169 past neutral macro events, USDCNY moved a median +0.0% over 5 sessions (50% higher; middle half -0.3% to +0.2%), and -0.0% over 20.

• Feb 9, 2018China says yuan no longer a one-way bet as currency slides against US dollar | South China Morning Post+0.3%
• Aug 27, 2026China keeps yuan in check as PBOC resists sharp rise against weaker US dollar: analysts | South China Morning Post-0.1%
• Mar 4, 2022As China’s yuan gets stronger while Ukraine crisis drives up raw material prices, exporters shy away from US dollar | South China Morning Post+0.0%
• Apr 12, 2018Analysis | Why devaluing the yuan is a no-no for China amid US trade war fears | South China Morning Post+0.1%
• Oct 10, 2017Chinese firms rush to hedge as yuan swings begin to sting | South China Morning Post-1.0%