MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% 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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Codelco Copper Production Slumps, USDCLP Bear Trend Remains Intact

CHILE
  • Despite a 1.5% rally for Copper futures on Monday, the Chilean peso has come under moderate pressure to start the week, in line with regional peers and the firmer dollar index. Latest headlines have indicated the world’s leading copper supplier Codelco had its lowest month of production in at least three years in April, according to data released by government agency Cochilco.
  • A bear trend in USDCLP remains intact and overall, recent bearish price action reinforces current conditions, with the latest recovery appearing to be a correction - for now. The 20-day EMA has been pierced. The next Important resistance is seen at 926.88, the 50-day EMA, which has been well respected on Monday.
  • For bears, the break in early May of support at 935.63, the Mar 15 low, marked an important technical breach and highlighted a stronger reversal. Attention remains on 886.96, the 76.4% retracement of the Dec 1 ‘23 - Feb 26 bull leg, a clear break of which would open 870.45, the Dec 29 low.
  • In the week ahead, the central bank is due to publish its latest economist survey tomorrow, followed by the equivalent traders survey on Thursday, which will include analysts interest rate expectations ahead of the June 18 monetary policy meeting.
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