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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EUR/HUF Faces Flat-Sided Triangle Ahead of NBH Meeting

HUNGARY
  • EUR/HUF marginally higher at the open as choppy trading persists within the flat-sided triangle pattern drawn off the 02 Feb low on shorter-term time-frames.
  • Focus today on the non-core NBH meeting, which is unlikely to be a major market-mover. Broad consensus is for a hold on rates at 0.6%, with the bank electing to keep the 15bp margin to the 1w deposit rate intact due to HUF volatility and a slight uptick in CPI (2.7% in Jan).
  • QE is also expected to be maintained at current levels (having just been scaled up to compensate for lower HUF liquidity injections via the 5y repo operations) and remain the primary vehicle for easing in conjunction with other targeted balance sheet measures like FGS Go! Scheme or corporate bond purchases remaining in place.
  • With the cross compressing into the tight end of the triangle formation, we can likely expect a breakout very soon, confirming a more decisive near-term direction.
  • Sup1: 358.35, Sup2: 357.70, Res1: 359.20, Res2: 360.00, Res3: 360.66
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News

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