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CNY Fixing Once Again Close to Neutral
The USD/CNY fixing printed at 6.7000, versus a market estimate of 6.7008.
- In USD/CNY terms today's fixing surprise is a modest -8pips, similar to yesterday's outcome of -5 pips.
- The sum of the error term for the week is a modest -15pips, compared with -40pips for last week.
- USD/CNH has dipped below the overnight lows around 6.6950, last tracking at 6.6925.
- In terms of downside levels in USD/CNH, note the pair troughed around the 6.6700 level on two occasions earlier this week.
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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.