At Any Rate Global FX: Previewing central bank event risk for FX
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Sep 12, 2025 Arindam Sandilya, a Global FX Strategist, discusses the implications of the Chinese Yuan's movement on Asian markets and its relationship with the dollar. Patrick Locke shares critical insights on the Federal Reserve’s anticipated moves and how they affect the Canadian dollar. James Nelligan analyzes the Bank of England, Norges Bank, and the Swiss National Bank, emphasizing the intricate connection between fiscal policies and currency values. Their expert perspectives provide a fascinating look at the evolving landscape of global foreign exchange.
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Dollar's Price Action Is Disappointing
- Meera Chandan observes the dollar has been disappointingly rangebound despite softer payrolls and lower Fed terminal pricing.
- She highlights that euro-dollar fair value rose from 109 to almost 117, suggesting valuation support for USD weakness.
CNY Fixings Are Guiding Appreciation
- Arindam Sandilya says CNY fixings have been guiding spot lower and corporate dollar selling is steady.
- He expects continued gradual CNY appreciation driven by fixings, flows, and US-China engagement.
Watch Fixings To Judge CNY Trend
- Meera and Arindam suggest staying with the view that dollar CNY drifts toward their forecast near 7.00 or a bit lower.
- Investors should watch fixing trends as a psychological catalyst for FX and equity flows.