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USD/CNH Rebounds Ahead Of CNY Fixing

CNH

USD/CNH has pushed back above 7.1800, around +0.25% on NY closing levels. This is in line with broader USD sentiment, with the DXY back above 113.00. The upcoming USD/CNY fix and the onshore spot open will be the next focus points.

  • The USD/CNY fixing has risen strongly over the past 3 sessions, up over 0.50% for each of these sessions. Some slowing in this wouldn't be a surprise.
  • The other focus for the market is likely to be on size of the downside surprise (in USD/CNY terms). Yesterday's outcome of -444pips, was the smallest surprise since the middle of the month.
  • The actual fixing level will also be noted. Yesterday's outcome of 7.1107 is close to previous highs in the fix from 2020, at 7.1316.
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USD/CNH has pushed back above 7.1800, around +0.25% on NY closing levels. This is in line with broader USD sentiment, with the DXY back above 113.00. The upcoming USD/CNY fix and the onshore spot open will be the next focus points.

  • The USD/CNY fixing has risen strongly over the past 3 sessions, up over 0.50% for each of these sessions. Some slowing in this wouldn't be a surprise.
  • The other focus for the market is likely to be on size of the downside surprise (in USD/CNY terms). Yesterday's outcome of -444pips, was the smallest surprise since the middle of the month.
  • The actual fixing level will also be noted. Yesterday's outcome of 7.1107 is close to previous highs in the fix from 2020, at 7.1316.