CNH: CNY Fixing - Close To Neutral
The USD/CNY fix printed at 6.9793, versus a Bloomberg consensus of 6.9787.
- Today's outcome represents a +6pip surprise in USD/CNY terms. The compares with yesterday's outcome of -10pips.
- The 5-day rolling sum of the error term continues to trend towards 0, with this metric now at -37pips, versus -55pips yesterday.
- USD/CNH is a touch lower for the session, last around 6.9925. The USD is weaker, but CNH is lagging G10 moves at this stage.
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JPY: USD/JPY Rebounds On Higher UST Yields
USD/JPY has rebounded strongly, the pair is back up to 139.20/25, versus earlier session lows around 138.55. Moves in other USD pairs have been more muted though. The move higher in USD/JPY has coincided with firmer UST yields (the 2yr & 10yr around +1.5bps higher). China has ended the recent run of record daily covid case numbers, which has helped pressure US fixed income.
- Note yesterday's early session highs came in close to 139.50 in USD/JPY.
US TSYS: Downtick As China Stops Run Of Record Daily COVID Cases
A light downtick in Tsys as China stops the recent run of fresh record levels in the daily new COVID case count, with a modest moderation in new cases observed. TYZ2 prints as low as 112-29, as it sees a marginal extension outside of the early Asia range, while the major cash Tsy benchmarks run ~2bp cheaper on the day.
BOJ: Fixed Rate Operation Offer
The BoJ offers to buy an unlimited amount of 10-Year JGBs at a fixed rate of 0.25%.
