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CNY Fixing - Close To Neutral​​

CNH

The USD/CNY fixing printed at 6.9207, versus a Bloomberg consensus of 6.9203.

  • Today's outcome represents a +4pip surprise. This compares with yesterday's +11pips outcome. The 5-day rolling sum of the fixing error term is -24pips, versus -19pips yesterday.
  • The result still shows no push back via the fixing mechanism to recent depreciation pressures.
  • USD/CNH got to session highs right around the fixing result, close to 6.9469, but we now sit back slightly lower at 6.9440/50. Upside resistance above 6.9500, around the 200-day MA (6.9515), is not far away.

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