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USDCNY Fixing Error Term Widens 60pips

CNH

USDCNY fixing printed at 7.1134 versus Bloomberg consensus of 7.1769, slightly higher than Monday’s level.

  • The fixing error term widened moderately to -635pips from -575pips on Friday in USDCNY terms.
  • USDCNH closed slightly lower on Monday at 7.185 but is currently 0.1% higher at 7.1938. We did dip to 7.1853 earlier in the APAC session and then spiked to 7.1949.
  • On Wednesday there is a swathe of activity data including Q4 GDP, December IP, retail sales and jobless rate. Growth is expected to have picked up in the final month/quarter of 2023 with Q4 GDP forecast at 5.3% y/y and December IP at 4.5% but retail sales slowing to 8%.

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