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USD/CNH Through Overnight Highs, Before Retracing, CNY Fixing Eyed​​​​

CNH

USD/CNH traded through overnight highs, getting close to 7.2800, before a sharp pull back. The pair is back to low 7.2600 region, which is slightly below NY closing levels.

  • Beyond these short term gyrations, the next focus point could be the USD/CNY fix. Recall that the fixing outcome has been wedged close to 7.1100 in recent weeks.
  • For today's outcome, note the 4:30pm onshore close was 7.2242 yesterday, while the USD also saw broad based gains overnight. Hence market estimates are likely to be high, all else equal.
  • A move higher in the fixing, above its recent range, may signal comfort with further depreciation pressures. Although it remains to be seen if the authorities are comfortable with sending such a signal today.
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