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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EURHUF Approaches Early Jan Highs Despite Less Turbulent Risk Backdrop

HUF
Despite the more stable risk backdrop, this week’s HUF losses have extended at the start of Friday’s session, with EURHUF approaching the early Jan highs of 384.10 at typing. Comments from Prime Minister Orban, who has added to pressure on the central bank to reduce interest rates in a bid to spur growth, are potentially accounting for forint underperformance in the EMEA region.
  • Indeed, PLNHUF is up 0.29% on the day and has pierced above the 50-DMA at 87.45. As flagged previously, the cross closed below that average last week for the first time since October. The average has since provided relatively firm resistance, with the cross failing to close above the level. Meanwhile, CZKHUF has continued to pull further away from its recent lows. The 50-day EMA, at 15.5050, is the next most notable topside level.
  • For EURHUF, the cross had already broken above the 50-day EMA earlier in the week and has now pierced above the 100-DMA, undermining the bearish theme that has been in play since the start of the year. Key resistance and the bull trigger lies at 385.77, the Dec 18 high.
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