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Chinese economic data slowed unexpectedly, yet the yuan firmed slightly against the dollar to 6.8726 on optimism about trade negotiations. ING expects USD/CNY to move in step with trade war sentiment and to return toward 6.75 if the US and China reach a deal at the G20 in June.
Weak Chinese economic data signals softer feed demand from the largest importer, while expectations of a trade deal would support Chinese purchases of US soybeans and corn.
forexcrunch.comFX StreetMay 15, 2019After 50 past neutral macro events, Soybeans moved a median -0.3% over 5 sessions (48% higher; middle half -2.2% to +1.3%), and -0.8% over 20.
After 169 past neutral macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (50% higher; middle half -0.3% to +0.2%), 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.
