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The dollar hovered near an 11-month high against a basket of major currencies as China's signal of tolerance for a stronger yuan offset trade anxiety. The PBOC cut its yuan midpoint to 6.4586, weaker than market models suggested.
US Commerce Secretary Wilbur Ross said the White House would keep pressure on Beijing over trade.
A firmer dollar lowers the dollar value of commodity exports and raises import costs for buyers abroad, which tends to weigh on US grain and feed prices. The trade-driven rise in the dollar adds to that pressure.
cnbc.comReutersJun 20, 2018After 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.
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.
