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Free AccessCNY Fixing - Fresh Record Wide Error Term, But USD/CNY Fixing Level Ticks Higher
The USD/CNY fixing printed at 7.1798, versus a Bloomberg consensus of 7.3224.
- Today's fix represents a -1426pip surprise in USD/CNY terms. This is a fresh record wide for the fixing error (Monday's of -1406pips was the previous record wide).
- The actual fix did finally tick higher to 7.1798, ending the recent run of very steady outcomes in the 7.1720/30 region. The upside in USD/CNY today is capped at ~7.3234.
- Note this will be the last fix for more than a week, as China markets close tomorrow (for the Golden week holiday period), re-opening on October 9th.
- USD/CNH has drifted a touch lower in the first part of dealing today. The pair last near 7.3200, we opened near 7.3240. Lows have been at 7.3175. Broader USD sentiment has been a touch softer in early dealings.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.