November 09, 2022 01:20 GMT
CNY Fixing - Slightly Firmer Bias
The USD/CNY fixing printed at 7.2189, versus a Bloomberg consensus of 7.2275.
- Today's outcome is a -86pip surprise in USD/CNY terms, this compares with yesterday's -69pips.
- The fixing error is slightly larger, but still well below recent wides from late October.
- USD/CNH has been drifting higher since the start of the session, although couldn't get beyond the 7.2475 level. We are now back sub 7.2400 though.
- Onshore covid cases continue to rise, while the city of Guangzhou has locked down a second part of the city.
- Coming up shortly is CPI and PPI prints for October.