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CNY Fixing As Expected

CNH

The USD/CNY fixing printed at 6.6850, versus a market estimate of 6.6849.

  • Today's outcome is neutral in terms of the fixing bias. It also brings the 5 day rolling sum of the fixing error to a very modest -8pips. This is back to lows from early June on this metric.
  • USD/CNH is down a touch from earlier highs. We are back to 6.6850, versus 6.6890 earlier in the session. This fixing hasn't influenced sentiment much though.
  • Focus will be on whether we can break below the 50-day MA at 6.6801, a level which hasn't been breached since mid-March.

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