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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AUD/NZD Slightly Lower, Closed Below 1.1100 As Copper Falls For Eighth Day

NZD
  • The AUD/NZD was a touch lower on Wednesday, down 0.05% to 1.1098, with the AUD slightly underperforming due to weaker copper prices, which has slipped for an eighth straight session. The AUD/USD is also under pressure after breaking below the 200-day EMA
  • The cross still sits near overbought territory with the 14-day RSI at 64, although off the yearly highs from last week of 79, the MACD indictor is showing decreasing positive bars signaling a potential reversal.
  • Technical levels to watch will be; Resistance at 1.1152 (yearly high) a break here would open a move to 1.1200, while support rests at 1.1048 (20-day EMA) a break would signal a potential directional change and open up a test of 1.1000 (July 10 lows/ pre-RBNZ).
  • The OIS market is currently pricing in a chance of a hike at the August meeting at 27%, with 8.5bps of hikes heading into year-end in contrast to the RBNZ 78bps of cuts into year-end.
  • The AU-NZ 2yr swap spread was another 7.5bps higher on Wednesday at 5.5bps, the highest levels since early November 2020.
  • Expiries: 1.115 ($197.31m) & 1.105 ($153.85m) July 26
  • Today, the calendar is empty.
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