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CNY Fixing Slightly Weaker Than Expected

CNH

The USD/CNY fixing printed at 6.7099, versus a market estimate of 6.7088.

  • This result represents a modest +11 pip surprise in USD/CNY terms. It does somewhat reverse the recent trend of downside surprises though.
  • The 5 day sum of the error term has now shifted back to -42pips, versus -74pips yesterday.
  • It's difficult to read too much into today's outcome, although it does coincide with USD/CNH being back below 6.7000. The authorities may well be comfortable with a broad range trade in the China currency for now.
  • USD/CNH has continued to push higher post the fixing. We are now back above 6.6900, close to 0.40% above NY closing levels. The post Fed/Powell press conference low was just under 6.6700.

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