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Free AccessCNY Fixing Slightly Firmer Than Expected
The USD/CNY fixing printed at 6.7079, versus a market estimate of 6.7084.
- In USD/CNY terms today's fixing surprise is a modest -5pips, which contrasts with yesterday's +27pip outcome.
- The 5-day rolling sum of the error term has slipped back to -28pips, from -12pips yesterday.
- USD/JPY has softened a little after reaching 136.70 in recent sessions, last tracking below 135.90. This may have helped drive a fixing outcome closer to market estimates, albeit at the margin.
- As we noted yesterday, there has been some correlation between higher USD/JPY levels and weaker than expected CNY fixings in recent months.
- USD/CNH is drifting a little lower, back sub 6.7100, after an earlier high of just above 6.7180.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.