MNI China Daily Summary: Thursday, December 12

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MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

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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Consolidating As USD Edges Lower

NZD

NZD/USD prints at $0.6354, ~0.2% firmer in today's trade. Cross asset flows remain mixed with e-minis little changed, and the BBDXY down ~0.1%. UST yields are 1-2.5bps higher across the curve.

  • The pair is consolidating after yesterday's losses recovering off early lows as the USD unwound some of yesterday's gains to trade in a tight $0.6345/55 range.
  • AUD/NZD remains in its bear channel having seen selling interest above $1.06 in recent sessions, NZD bulls target a break of the 2022 lows seen earlier this month at $1.0532 opening the way to the base of the bear channel at $1.0436.
  • Non-resident bond holdings rose slightly to 59.7% from the prior 58.4%
  • On the wires early on Monday we have Q4 Westpac Consumer Confidence and Nov Services PMI.
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