MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

MNI BRIEF: Brazil Annual Inflation Rises To 4.87% In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% 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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EURGBP: Cross Through to New Daily Lows, But Consolidation In Place For Now

EURGBP
  • EUR/GBP pressured to new daily lows in recent trade, with the cross breaking below today's/Monday's lows at 0.8414. Despite the weekly range breakout, price remains in consolidation mode after the recovery off 0.8383, which marks the next key level to the downside. 
  • Tomorrow's prelim PMIs could prove key in the short-term. They provide the final look at the UK economy ahead of the BoE's August decision next Thursday, for which the MPC are already inside their media blackout period. 
  • OIS pricing eyes 11bps of cuts next week - so very close to a knife-edge 50/50 call that could prove pivotal for the medium-term direction in the cross. Any near-term strength eyes 0.8441 ahead of the 50-dma at 0.8471.
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