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Free AccessUSD/CNY Fixing Only Down A Touch, Very Low Beta To Recent USD Weakness
The USD/CNY fixing printed at 7.1315, versus a Bloomberg consensus of 7.2519.
- This is only a modest step down from yesterday's 7.1339 fixing outcome. The fixing error tightened to -1204pips, in USD/CNY terms, versus yesterday's -1381pip outcome.
- This is unlikely to add anything to near term positive CNH momentum. Indeed, USD/CNH has risen modestly post the fixing outcome, but found selling interest above 7.2700.
- The chart below overlays the rolling 1 month change in the USD/CNY fixing and the 1 month rolling change in the BBDXY USD index.
- The USD/CNY fixing is only moderately off recent highs compared to USD weakness seen over the past month.
Fig 1: USD/CNY Fixing & BBDXY USD Index Rolling 1 Month Change
Source: MNI - Market News/Bloomberg
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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.