CNH: USD/CNY Fixing Edges Up, Fixing Error Slightly Tighter
The USD/CNY fix printed at 7.0583, versus a BBG market consensus of 7.0430 (yesterday's fixing was 7.0573). This leaves a fixing error of +153pips, slightly tighter than yesterday's +172 pip outcome. USD/CNH sits close to 7.0400 in latest dealings, little changed so far in the session. We are a touch higher post the fixing outcome. Focus will now be on the onshore spot open and early trends, with USD/CNY unable to break under 7.0400 yesterday (which helped stabilize downside USD/CNH sentiment).
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MNI: CHINA PBOC CONDUCTS CNY407.5 BLN VIA 7-DAY REVERSE REPO TUES
- CHINA PBOC CONDUCTS CNY407.5 BLN VIA 7-DAY REVERSE REPO TUES
CNH: USD/CNY Fixing Edges Up, USD/CNH Testing Above 7.1100
The USD/CNY fix edged higher to 7.0856, after yesterday's fresh YTD low. As to be expected the fixing error widened in response to higher USD index levels, printing at -258pips, versus -160pips yesterday. USD/CNH is higher, last around 7.1110/15. Broader USD trends are supportive so far. Upside focus in USD/CNH may rest near the 20-day EMA (close to 7.1165/70).
CHINA SETS YUAN CENTRAL PARITY AT 7.0856 TUES VS 7.0816
- CHINA SETS YUAN CENTRAL PARITY AT 7.0856 TUES VS 7.0816
