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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.
CNH
The USD/CNY fix printed at 6.7098 versus a market estimate of 6.7093.
- Today's fix was a +5pip surprise in USD/CNY terms. This follows yesterday's +17pip surprise.
- The 5-day sum of the fixing error is back to +47pips from +13pips yesterday. This largely reflects last Friday's -29pip surprise rolling out of the calculation.
- The chart below plots the evolution of this 5 day sum for 2022. We have seen a modest push higher in recent weeks, and we are comfortably above early May lows on this metric.
- USD/CNH hasn’t reacted a great deal to the fix. We are back around 6.6960, a touch weaker on the day in CNH terms. However, CNH is underperforming broader USD weakness, with the DXY down nearly 0.30% for the session so far.
Fig 1: USD/CNY Fixing Error - 5 Day Rolling Sum
Source: MNI - Market News/Bloomberg
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.
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