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CNY Fixing 5-Day MA Error Term Turns Positive

CNH

The USD/CNY fixing printed at 6.6930, versus a market estimate of 6.6925.

  • Today's result, a +5pip surprise in USD/CNY terms, follows yesterday's very close to expectations CNY fixing outcome.
  • The rolling 5-day sum of the fixing error term has edged up to +20pips, highs back to late April on this metric. We were at -8pips yesterday. The longer term sums of the error term, 10, 20 day etc, still remain negative, albeit well away from recent lows.
  • USD/CNH was tracking higher in earlier trade, getting up 6.7000, but we are now back to 6.6930/40, on the back of some softer USD sentiment emerging against the majors. The CNY fixing didn't shift market sentiment.
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