MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

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

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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15bp Of Cuts Priced For July Meeting Before CPI

CANADA
  • Ahead of Canadian CPI at 0830ET, GoC yields sit 1-3bp lower across the curve.
  • Can-US 2Y differentials are little changed on the day at -82.5bps, off last week’s -90bps but still historically depressed.
  • BoC-dated OIS has ~15bp of cuts priced for July.
  • USDCAD at 1.3676 has lifted off overnight fresh recent lows of 1.3641 for the lowest since Jun 4 (day before first BoC cut of the cycle).
  • Having traded through support in recent sessions, the next notable level is a key support at 1.3590 (May 16 low). To the upside, resistance is seen at 1.3699 (20-day EMA).
  • There is little by way of notable option expiry today to bias short-term moves.
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