MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate 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

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

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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EURUSD: Short-term Weakness Denies Formation of Key Positive Tech Signal

EURUSD
  • Single currency's break lower on these soft PMI prints persists, with new lows in EUR/USD at 1.0826, helping press EUR/JPY further through the 100-dma support of 167.79. EUR/NZD is still in the green, but has pulled around 70 pips off the daily highs as EUR weakness begins to bed in. 
  • Solid activity noted across G10 FX now - cumulative volumes across EUR futures now around 25% above average for this time of day and making for comfortably the busiest session of the week so far. 
  • Next support for EUR/USD undercuts at 1.0817's 200-dma. Interestingly, the protracted spot weakness off last week's high has worked against the formation of a 'golden cross' in DMA space (50-dma > 200-dma), denying markets a possible positive technical signal to slow the decline and build a base for a recovery. 
  • UK PMI next, keeping EUR/GBP in focus given the cross' proximity to recent lows. 0.8383 marks the key level and major support. 
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