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USD/CNY Fixing Steady, Error Term Widens

CNH

The USD/CNY fix printed at 7.1785, versus a Bloomberg consensus of 7.3167.

  • Today's fixing represents a -1382pip surprise in USD/CNY terms. This is wider than yesterday's -1221pips outcome.
  • The actual fixing was a touch lower than yesterday's 7.1786 outcome. The fixing error widened in response to the firmer USD backdrop.
  • USD/CNH is tracking lower in the first part of trade, last near 7.3090. Broader USD sentiment is softer, led by the AUD post the CPI data. The majors are only a touch higher in terms of EUR and JPY against the dollar.

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