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CNY Fixing Firmer Than Expected, But Still Weakest Levels Since June 2020

CNH

The USD/CNY fix printed at 7.0722, versus a Bloomberg consensus of 7.1563. Note the Reuters estimate was just above 7.0400.

  • The fixing surprise remains large, -841pips in USD/CNY terms. We aren't at fresh wides on this metric, although it's likely some market estimates are starting to adjust their fixing models, which could impact the consensus estimate.
  • The actual fixing is now comfortably above 7.00, with today's outcome the highest since end June 2020 in USD/CNY terms.
  • Focus now shifts to the onshore open for spot, after yesterday's close at 7.1372. The upside barrier on spot for today is 7.2136.
  • USD/CNH has bounced following the fixing outcome. We briefly touched above 7.1700 (from earlier lows around 7.1570). We are now back at 7.1650.
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The USD/CNY fix printed at 7.0722, versus a Bloomberg consensus of 7.1563. Note the Reuters estimate was just above 7.0400.

  • The fixing surprise remains large, -841pips in USD/CNY terms. We aren't at fresh wides on this metric, although it's likely some market estimates are starting to adjust their fixing models, which could impact the consensus estimate.
  • The actual fixing is now comfortably above 7.00, with today's outcome the highest since end June 2020 in USD/CNY terms.
  • Focus now shifts to the onshore open for spot, after yesterday's close at 7.1372. The upside barrier on spot for today is 7.2136.
  • USD/CNH has bounced following the fixing outcome. We briefly touched above 7.1700 (from earlier lows around 7.1570). We are now back at 7.1650.