A massive hike for the CNY is the estimate for the mid-rate today. The USD has lost ground since the cooler CPI report from the US last Thursday.
The Fed has begun pushing back against market euphoria though:
- Fed's Waller dismisses US CPI report as 'just one data point', markets 'way out in front'
- Fed's Waller - November FOMC statement designed to signal potential step down to 50
PBOC CNY reference rate is due around 0115 GMT.
