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The renminbi rose as much as 0.5% against the dollar, its first gain since August, passing 6.9 per dollar. The move followed easing US-China tensions ahead of a planned trade pact signing in Washington.
A stronger yuan on trade-deal optimism supports Chinese purchasing power for imported feed ingredients, while the planned tariff reduction could expand US agricultural export flows to China.
businessreport.co.zaVuyolwethu FundamJan 21, 2020After 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.
After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), 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.
Yuan rose as much as 0.5% past 6.9 per dollar on easing US-China trade tensions, a sentiment-driven currency move that matches the date and direction, though the summary's timing (planned signing in Washington) is somewhat inconsistent with the deal already being signed.
