CNH: CNY Fixing Slightly On The Weaker Side
The USD/CNY fix printed at 6.7612, versus a market estimate of 6.7606.
- Today's fix is a slight upside surprise at +6pips in USD/CNY terms, but down from yesterday’s outcome, which came in at +17pips.
- The 5-day rolling sum of the error term is basically unchanged at +12pips, versus +13pips yesterday.
- USD/CNH has drifted higher in early trade today, in line with firmer USD moves against the majors. The pair last tracked at 6.7580, versus around 6.7550 at the close in NY.
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CNH: CNY Fixing Modestly Firmer
The USD/CNY fix printed at 6.6960 versus a market estimate of 6.6965.
- Today's fix was a -5pip surprise in USD/CNY terms. This follows Friday's +5pip surprise. So flat for the past two sessions on this basis.
- The 5-day sum of the fixing error is back to +34pips from +47pips for last week. So, we are still positive in terms of this metric but down slightly from last week's recent highs
- USD/CNH has pushed higher today, back above 6.6900 (last 6.6950). There has been some selling interest closer to 6.6980. CNH is still outperforming broader USD strength though. EUR is off 0.35% so far today, while the yen has lost 0.45%. CNH is only 0.13% weaker against the USD at this stage.
BOJ: Fixed Rate Operation Offer
The BoJ offers to buy an unlimited amount of 10-Year JGBs at a fixed rate of 0.25%.
AUSSIE BONDS: Futures Respect Overnight Lows, Cheapening Holds
Aussie bond futures have respected the lower boundaries observed in the final overnight session of last week, with YM -3.0 and XM -6.0, a little off worst levels. Meanwhile, the cash ACGB curve played catch up to the overnight cheapening/early bias lower in Sydney futures trade, with the major benchmarks running 3-5bp cheaper at typing. EFPs have continued their recent push wider this morning. Bills run 4-8bp cheaper through the reds. There hasn’t been much in the way of meaningful domestic idiosyncracies to trade off of as of yet.
