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CNY Fixing Back to Weaker Bias

CNH

The USD/CNY fix printed at 6.7287 versus a market estimate of 6.7269.

  • Today's fix represents a +18pip upside surprise in USD/CNY terms. This comes after yesterday's -5pip outcome.
  • The rolling 5-day sum of the error term is steady at +33pips, versus +34pips yesterday.
  • USD/CNH is playing catch up to the topside. The pair is around +0.25% on NY closing levels to 6.7450 last. EUR/USD is very close to parity with the USD, which is driving broad based USD strength.
  • The fixing likely added some momentum to this upside move, but this is more broad based USD strength based at this stage.

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