CNH: CNY Fixing Trend Modestly Weaker
Jul-08 01:27
The USD/CNY fix printed at 6.7098 versus a market estimate of 6.7093.
- Today's fix was a +5pip surprise in USD/CNY terms. This follows yesterday's +17pip surprise.
- The 5-day sum of the fixing error is back to +47pips from +13pips yesterday. This largely reflects last Friday's -29pip surprise rolling out of the calculation.
- The chart below plots the evolution of this 5 day sum for 2022. We have seen a modest push higher in recent weeks, and we are comfortably above early May lows on this metric.
- USD/CNH hasn’t reacted a great deal to the fix. We are back around 6.6960, a touch weaker on the day in CNH terms. However, CNH is underperforming broader USD weakness, with the DXY down nearly 0.30% for the session so far.
Fig 1: USD/CNY Fixing Error - 5 Day Rolling Sum
Source: MNI - Market News/Bloomberg
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CNH: CNY Fixing Bias Neutral
Jun-08 01:26
The CNY fixing printed at 6.6634, very close to the 6.6631 expected by the market.
- This leaves a very modest error term of +3pips in USD/CNY terms. This comes after yesterday's +11pip deviation.
- The 5-day MA of the error term remains at a benign +7pips, we have been fairly close to flat on this term for the past week or so. Hence very much a neutral bias from this standpoint.
- USD/CNH has had a quiet start to the day, oscillating around the 6.6700 level. We currently track slightly above this level. Post the Asia close yesterday we ran out steam close to 6.6900.
BOJ: BoJ Makes Rinban Purchase Offers
Jun-08 01:12
The BoJ offers to buy a total of Y1.575tn of JGBs from the market:
- Y475bn worth of JGBs with 1-3 Years until maturity
- Y475bn worth of JGBs with 3-5 Years until maturity
- Y500bn worth of JGBs with 5-10 Years until maturity
- Y125bn worth of JGBs with 10-25 Years until maturity
AUSSIE BONDS: The AOFM sells A$800mn of the 0.50% 21 Sep ‘26 Bond, issue #TB164:
Jun-08 01:04
The Australian Office of Financial Management (AOFM) sells A$800mn of the 0.50% 21 Sep ‘26 Bond, issue #TB164:
- Average Yield: 3.2491% (prev. 2.9040%)
- High Yield: 3.2550% (prev. 2.9100%)
- Bid/Cover: 3.2812x (prev. 4.6350x)
- Amount allotted at highest accepted yield as percentage of amount bid at that yield: 26.3% (prev. 9.2%)
- Bidders 42 (prev. 40), successful 12 (prev. 10), allocated in full 6 (prev. 5)
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