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China's yuan touched its weakest level against the dollar in nearly a week as COVID-19 outbreaks worsened, with 9,005 new infections reported and millions of Guangzhou residents ordered to be tested. Investors were watching whether Guangzhou would face a lockdown like Shanghai's earlier in the year.
Renewed lockdown fears weaken Chinese demand sentiment and the yuan, which can make dollar-priced feed imports more expensive for Chinese buyers.
brecorder.comReutersNov 10, 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.
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.
