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The dollar held near a one-month high against major currencies on Monday after strong US data on homebuilding, retail sales and manufacturing. The offshore yuan reached a six-month high near 6.8458 per dollar, while sterling fell to $1.2971.
A firm dollar and strong yuan shift currency-driven import and export competitiveness, which feeds into US grain export pricing and Chinese buying appetite for feed inputs.
cnbc.comReutersJan 20, 2020After 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 362 past bearish macro events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (42% higher; middle half -0.4% to +0.1%), 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.
Offshore yuan hit a six-month high near 6.8458 per dollar on Jan 20 despite a firm dollar, showing yuan-specific strength that carried into the Jan 21 move.
