CNH: USD/CNY Fixing Edges Down, Fixing Error Steady
Mar-26 01:20
The USD/CNY fix printed at 7.1754, versus a BBG market consensus of 7.2581.
- Today's fix is the first decline since last Wednesday (Tuesday's fix was 7.1788). The fixing error was -827pips so little changed.
- USD/CNH is holding sub 7.2700 at this stage, outperforming the broader USD index gains. Yen is down close to 0.20% against the USD, but CNH is little changed.
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CNH: USD/CNY Fixing Edges Back Up, But Remains Within Recent Ranges
Feb-24 01:19
The USD/CNY fix printed at 7.1717, against a BBG market consensus of 7.2535.
- The fixing edges back up but remains within recent ranges. The fixing error was slightly wider at -815pips.
- USD/CNH has edged down today, last under 7.2500, as broader USD sentiment softens, led by the EUR (which is back above 1.0500).
CHINA SETS YUAN CENTRAL PARITY AT 7.1717 MON VS 7.1696
Feb-24 01:15
- CHINA SETS YUAN CENTRAL PARITY AT 7.1717 MON VS 7.1696
STIR: RBA Dated OIS Pricing Softer Today But Still Firmer Than Pre-RBA Levels
Feb-24 01:04
RBA-dated OIS pricing is flat to 5bps softer across 2025 meetings today but remains 2-4bps firmer than last Tuesday’s pre-RBA levels.
- Last Thursday, January employment was higher than expected rising 44k driven by a 54.1k rise in full-time jobs. As expected, the unemployment rate still ticked up 0.1pp to 4.1% but was driven by a new record participation rate up 0.1pp to 67.3%.
- This data came after RBA Governor Bullock noted on Tuesday the labour market’s unexpected strength and cautioned that market expectations for further rate cuts are not guaranteed.
- A 25bp rate cut in April is given a 10% probability, with a cumulative 48bps of easing priced by year-end (based on an effective cash rate of 4.09%).
Figure 1: RBA-Dated OIS – Today Vs. Pre-RBA Levels
Source: MNI – Market News / Bloomberg
