USD/CNY FIX: 6.9117 VS. THE LAST CLOSE OF 6.9193
In recent trade today, the People’s Bank of China (PBOC) set the yuan at 6.9117 vs. the last close of 6.9193.
About the fix
China maintains strict control of the yuan’s rate on the mainland.
The onshore yuan (CNY) differs from the offshore one (CNH) in trading restrictions, this last one is not as tightly controlled.
Each morning, the People’s Bank of China (PBOC) sets a so-called daily midpoint fix, based on the yuan’s previous day's closing level and quotations taken from the inter-bank dealer.
#USD/CAD BULLS LURKING AT KEY SUPPORT IN 1.3580S
USD/CAD is holding at support as the focus remains on the Fed.
Bank of Canada expectations are little changed and bias remains bullish fundamentally.
USD/CAD is flat at the end of the week in Asia so far with the price holding around 1.3580, perched below the highs of the day so far at 1.3601.
The US Dollar strengthened on Thursday after Unemployment Claims pointed to a still-strong US labour market. As a consequence, the yield on two-year Treasury notes which are sensitive to interest rate expectations, spiked to levels last seen in July 2007. Futures edged higher, with the market pricing a peak rate climbing to 5.493% in the fed funds by September, before easing a bit later in the session to 5.447%.
The focus is on the Federal Reserve and Atlanta Fed President Raphael Bostic said on Thursday that they are ready to keep lifting rates higher if inflation doesn't slow and was still mulling how recent, stronger-than-anticipated inflation data might shape Fed policy. The impact of higher rates on the economy may only begin to "bite" in earnest this spring, an argument for the Fed to stick with "steady" quarter-point rate increases, Bostic said.
Meanwhile domestically, economic data in Canada has shown that growth was flat SAAR vs. 1.6% expected and a revised 2.3% (was 2.9%) in Q3 and was the weakest
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