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 MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

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 Records Fresh YTD High; Forint Underperforms Compared to Regional Peers

HUF
  • The dip in the single currency and weakness in major European equities at the start of the session has weighed on the euro proxies, with EURHUF piercing the early January highs to mark a fresh YTD high of 384.47. The cross has now recorded a near 2% bounce from the Jan 08 lows, narrowing the gap to key resistance and the bull trigger at 385.77, the Dec 18 high.
  • The local currency has been under notable pressure since last week when NBH Deputy Governor Virag strongly hinted that the pace of rate cut reductions will increase when the central bank meet next on Jan 30. Indeed, Goldman Sachs noted recently that “a more dovish monetary policy mix will weigh on [HUF] carry relative to 2023,” with broader sell-side consensus leaning toward a 100bp rate cut compared to the 75bp moves at the prior three meetings.
  • HUF underperformance is evident in PLNHUF, which is trading higher for the fifth consecutive session today. The cross is trading just below the 88.00 handle at typing, having broken back above the 50-DMA at the end of last week. Meanwhile, CZKHUF has pierced above the 50-day EMA today for the first time since Dec 21.
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