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Large Dec'23 SOFR Put Condor Buy


No Further Monthly Progress In Core CPI Moderation




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CNY Fixing: Back To A Slightly Firmer Bias


The USD/CNY fix printed at 6.9746, versus a Bloomberg consensus of 6.9777.

  • Today's outcome represents a -31pip surprise in USD/CNY terms. Note yesterday's outcome was +12pips.
  • Barring yesterday's outcome, the bias for fixing outcomes has still been skewed against upside USD/CNY in recent weeks, albeit a fairly modest one.
  • USD/CNH is fairly steady in trading today, despite a softer USD against higher beta majors. The pair currently sitting just under 6.9900, little change for the session.
  • Covid related headlines have been mixed so far today. Quarantine free travel will start between China-HK in January, in a further re-opening sign. However, the authorities are also dealing with the current outbreak, vowing to boost medical supplies, while also highlighting the number of severe covid case numbers.

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