MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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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A$ Underperforms G10 But Holds Above Initial Support

AUD

The G10 was weaker against the USD and the AUD underperformed the G10 on Tuesday. AUDUSD is currently trading around 0.6728. The USD began moving higher at the start of the European open as demand for dollars was strong following the festive break. The DXY USD index rose 1.1%.

  • Aussie is down 0.1% against kiwi at about 1.076. AUDJPY is down 0.9% to around 88.16 as the yen was one of the few currencies to hold its own against the USD. AUDGBP fell 0.5% to 0.5622. AUDEUR is flat at 0.6379.
  • AUDUSD reached a low of 0.6688 on Tuesday as the 50-day EMA of 0.6687 provided support. A clear break of this is needed for a deeper pullback and 0.6629, the December 20 low, is the key short-term bear trigger. The pair remains in a bullish trend and the move lower is seen as corrective.
  • Equity markets were mixed on Tuesday with the S&P 500 down 0.4% but the Eurostoxx up 0.7% and the FTSE +1.4%. The VIX was up just over 1pp to 22.9%. WTI oil prices were down 3.8% to $77.20/bbl as warmer weather eased energy fears. Copper prices fell 1.1% as the USD strengthened but iron ore rose further to $117.70.
  • There aren’t any events of note today in Australia.
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