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CNY Fixing Sticks Close To Market Expectations

CNH

The CNY fixing was a touch firmer than expected today. The fix printed at 6.6607, versus market expectations of a 6.6615 print.

  • The fixing bias remains very modest overall. Today's surprise was -8pips in USD/CNY terms. This comes after yesterday's -4pips outcome. The last 4 sessions have delivered surprises less than 10pips in absolute terms.
  • The CNH reaction has been muted to the fix. USD/CNH is up off the earlier session lows of sub 6.67, tracking back to 6.6900 on the back of broad based USD strength. The spike in USTs the main catalyst.
  • The China PMIs print soon, with the market looking for improvement on last month's very low readings, but we are expected to remain below the 50 expansion/contraction line.
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