MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Risk-Off Start Puts JPY On Top

FOREX
  • Markets are erring cautiously in early Monday trade, with risk proxies hit hard, while haven FX makes furtive gains. This puts JPY and the greenback at the top of the G10 table, while AUD, GBP and SEK are the poorest performers. Risk-off is also evident elsewhere, with equities weak and Treasury yields retracing sharply.
  • Oil prices have taken a considerable leg lower, with Brent and WTI prices off close to 5% apiece as perceived commodities demand slips on concerns over renewed rolling lockdowns across China. Beijing is being watched carefully after reports of a COVID breakout in the city, with markets clearly worried the city will undergo similar measures to Shanghai. The worst case scenario would be a strict lockdown policy in adherence with China's COVID Zero approach, hampering economic growth that is already well below target.
  • For the single currency - a relief rally on the re-election of Macron as French President was short-lived, with EUR/USD's gap higher at the open fading through Asia-Pac trade and well into the European morning. The pair's now put in a near 150 pip range so far today, keeping a number of option expiries in view for today's NY cut - most notably $1.0700(E712mln), $1.0800-03(E521mln) and $1.0825(E502mln).
  • The Monday schedule is light, with few data points to digest and a quiet central bank speaker slate after the FOMC entered their pre-decision media blackout period over the weekend. As such, the highlights Monday include a speech from ECB's Panetta and an appearance from BoC's Macklem.
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.