July 22, 2022 01:20 GMT
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The USD/CNY fix printed at 6.7522 versus a market estimate of 6.7508.
- Today's fix represents a +14pip upside surprise in USD/CNY terms. This comes after yesterday's +5pip outcome. It is the third session in the row of upside surprises, reversing the trend from earlier in the week.
- For the week this leaves the error term on the fixing bias at -14 pips, which compares with Tuesday's recent low of -41 pips.
- USD/CNH continues to track recent ranges. We were last around 6.7760, with the fixing result having little impact on sentiment. The USD is firmer against the majors today (outside of yen), but CNH is proving to be fairly resilient so far.
- The high 6.7800 region, and just below 6.7700 are the near term focus points from a technical standpoint.