CNH: CNY Fixing Defers Surging USD
Sep-02 01:27
The USD/CNY fix printed at 6.8917, versus a market estimate of 6.9162 (BBG survey). Note the Reuters estimate was a little higher at 6.9202.
- Today's fix continues the recent trend of stronger than expected outcomes. Today's deviation, in USD/CNY terms, is -245 pips. This is just shy of Tuesday's surprise at -249pips.
- For the week, we have had cumulative downside surprises to the tune of -870 pips. We aren't too far away from 2019 lows for this metric, see the chart below.
- USD/CNH continues to track recent ranges. We are down slightly from late NY closing levels, last close to 6.9125/30 in the pair. Softer USD sentiment since the open has helped, although clearly the fixing bias is helping the pair not drift too far away from the 6.9000 level at this stage.
Fig 1: USD/CNH & USD/CNY Fixing Bias - 5 Day Rolling Sum
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