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

MNI: GERMAN NOV CPI +2.2 % Y/Y

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

MNI: NORWAY NOV CPI +0.3% M/M, +2.4% 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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AUD/NZD Breaks Below Trendline Support, CPI Later

NZD
  • The AUD/NZD has continued it resumption of a down trend, falling 0.47% to 1.0865. The cross has broken below trend support at the 200-day EMA, with focus now turning to AU CPI due out a bit later today.
  • Initial support is now 1.0800 (round number) and the June lows of 1.0733 the next major support. While to the upside if the currency can trade back above the trendline & 200-day EMA at 1.0888 then 1.0932 (100-day EMA) and above here 1.0955 area (20 & 50-day EMAs) become target.
  • RBA dated OIS is pricing in just a 12% chance of a cut in the September meeting, OIS pricing has softened out into year-end with pricing 2bps lower to 27bps of cuts from 29bps on Monday
  • The AU-NZ 2yr swap spread was little changed on Tuesday, hovering around -11.5bps.
  • Expiries: 1.0700 ($504.68m) & 1.092 ($1.08b) for Aug 29th NY cut
  • Today, AU CPI at 11:30 AEST / 9:30 HKT
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