MNI China Daily Summary: Thursday, December 12

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Consumer Confidence Falls To Lowest On Record, PMI On Tap

NZD

NZD/USD prints at $0.6377, ~0.1% firmer in early trading.

  • The NZD firmed on Friday supported by news of Hong Kongs "highly possible" reopening of its border with mainland China in 2023. The pair met resistance at $0.6396, before easing into the close finishing trading up ~0.5%.
  • The S&P500 fell ~1% as Fedspeak from Fed Cleveland President Mester said her estimate for interest rates is higher than that of her colleagues and the central bank need sustained tight policy to fight inflation. DXY was ~0.1% firmer.
  • On the wires early this morning Q4 Westpac Consumer Confidence fell to its lowest print on record at 75.6, the prior reading was 87.6
  • Technically, bulls look to target the high from 3 June at $0.6576, a break through there would open the way to breaking through bull channel resistance at $0.6602. Bears need to breach the 20-day EMA at $0.6309 to re-establish the downtrend.
  • On the wires shortly we have Nov Performance Services Index, there is no estimate, the prior reading was 57.4
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