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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 6.8906, versus a market estimate of 6.9083 (BBG survey).
- Today's fix is firm beat relative to expectations, albeit not as large as yesterday's outcome. In USD/CNY terms the surprise was -177pips (versus -249pips yesterday).
- Cumulative surprises since the 24th of August, i.e. for the past 6 sessions, is now -735pips. For our 5-day metric we are just under -700pips. We are getting close to 2019 wides, see the chart below.
- USD/CNH has edged back higher post the fixing. The pair was sitting close to 6.9150 ahead of the fixing, but we are now back to 6.9200.
Fig 1: USD/CNH & USD/CNY Fixing Error Term - 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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