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China's yuan slipped to its weakest level in more than six months against the U.S. dollar on April 21, 2022, after the PBOC set a weaker daily midpoint. Corporate dollar buying and expectations of U.S. Fed tightening supported the greenback, which sat near its strongest in over two years.
A weaker yuan makes Chinese feed imports more expensive in local currency and can dampen buying of US soybeans and corn, while a firmer dollar tends to pressure dollar-denominated grain prices.
financialpost.comReutersApr 21, 2022After 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.
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.
After 301 past bearish macro events, Corn moved a median -0.1% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +0.2% 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.
