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 NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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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Dollar Bouncing as Yields Roll Higher

FOREX
  • The greenback is erasing late Thursday weakness in relatively one-directional trade in G10 this morning. The USD is comfortably the best performer so far Friday, heading into the open higher by 0.5-0.7% against most others.
  • The USD is following the US yield curve's march higher that began in late US trade and persisted throughout both Asia-Pacific and European hours. The Treasury curve is steeper, with 10y yields higher by close to 7bps and well above 1.60%. Moves follow the passage of Biden's $1.9trl stimulus bill late yesterday, with the fiscal expansion pressuring Treasuries and raising speculation that a swifter return to growth will bring sharper inflation pressure into the economic mix.
  • USD strength has pressured EUR/USD back below the $1.19 level, with GBP/USD on track to test $1.39 in the near-term.
  • Focus turns to US PPI & Uni of Michigan data as well as the Canadian jobs report for February.
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