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CNY Fixing Set On The Weak Side, But Unlikely To Represent Bias Shift

CNH

The USD/CNY fixing printed at 7.1907, versus a Bloomberg consensus of 7.1756.

  • Today's outcome represents a surprise of +151 pips in USD/CNY terms, versus yesterday's outcome of -95pips. This is the highest upside surprise since early February of this year.
  • Still, there should be some caution attached to the result, as the fixing estimate and outcome can differ after sharp USD moves, as was the case overnight.
  • This outcome is also unlikely to represent a bias shift towards putting a floor under USD/CNY.
  • USD/CNH edged higher post the result, back towards 7.1670, but hasn't seen much follow through. The pair is back to 7.1620/30 now, around +0.15% above NY closing levels.

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