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 MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

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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AUDUSD Range Trading, A$ Crosses Struggling

AUD

With only second-tier data and the US dollar little changed, AUDUSD has been trading in a narrow range during the APAC session. AUDUSD is down slightly to 0.6577 after a low of 0.6574 preceded by a high of 0.6587. The pair didn’t react to the rise in the January PMIs. The USD index is down moderately.

  • Aussie has lost ground against the kiwi after Q4 NZ CPI data showed that domestically-driven non-tradeables inflation remained elevated. AUDNZD is down 0.1% to 1.0779, lowest since Monday, and off the intraday high of 1.0796.
  • AUDJPY is down 0.3% to 97.33 after December Japanese export growth was better than expected. AUDEUR is 0.1% lower at 0.6057 and AUDGBP -0.1% to 0.5181.
  • Equity markets are mixed with the ASX down 0.1% but the Hang Seng up 1.9%. The S&P is 0.2% higher. Oil prices are slightly higher with WTI at $74.42/bbl. Copper is up 0.2% and iron ore $131-132/t.
  • Later preliminary January PMIs for US/Europe are released and the Bank of Canada decision is announced.
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