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CNY Fixing - Maintains Neutral Bias

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The USD/CNH fix printed at 6.8557, versus a consensus estimate of 6.8569.

  • Today's outcome is a -12pip surprise in USD/CNY terms, the same as yesterday.
  • The rolling 5-day sum of the fixing error term is -13pips, little changed from yesterday's -20pip level. So still close to neutral overall.
  • USD/CNH has been better bid in recent dealings, with broader USD sentiment strengthening at the margins. This comes amid weaker US equity futures and higher US yields. From lows sub 6.8600, USD/CNH now sits back around the 6.8685 region, 0.15% weaker in CNH terms for the session.
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The USD/CNH fix printed at 6.8557, versus a consensus estimate of 6.8569.

  • Today's outcome is a -12pip surprise in USD/CNY terms, the same as yesterday.
  • The rolling 5-day sum of the fixing error term is -13pips, little changed from yesterday's -20pip level. So still close to neutral overall.
  • USD/CNH has been better bid in recent dealings, with broader USD sentiment strengthening at the margins. This comes amid weaker US equity futures and higher US yields. From lows sub 6.8600, USD/CNH now sits back around the 6.8685 region, 0.15% weaker in CNH terms for the session.