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USD/CNY Fixing Dips, Fixing Error Tightens

CNH

The USD/CNY fix printed at 7.0943, versus a Bloomberg consensus of 7.2019.

  • The fixing error was -1076pips, so narrower than yesterday's -1226pip outcome, but still within ranges for the past few weeks.
  • Not surprisingly, the actual fix was set lower, given broader USD and yuan shifts over the past session (yesterday's fixing was 7.0996).
  • USD/CNH is lower post the fix, but we saw support at 7.2377, the pair last above 7.2400. Focus now will be on the onshore spot open. Earlier USD/CNH highs were at 7.2543.
  • Broader USD sentiment has softened somewhat, with weaker US yields evident, although no obvious catalyst is evident for this move.
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