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

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

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

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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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Extended Fed Reaction Continues to Roil Markets

FOREX
  • The extended reaction to last week's Fed rate decision continues to roil markets, with further US curve flattening keeping asset markets on their toes. The US dollar is edging off its recent highs, allowing the likes of EUR/USD and GBP/USD to recover off the lows printed late last week. The moves this morning, however, look corrective in nature, with the technical outlook still in favour of further greenback gains.
  • As a result, the dollar is among the weakest in G10, with last week's hardest hit currencies, namely AUD, NZD and GBP, among Monday's best performers.
  • Equity markets started the week poorly, but have undergone a decent reversal, with the e-mini S&P back in positive territory ahead of the Monday bell and indicating a stronger open.
  • Tier one data releases are few and far between Monday, with Chicago Fed National Activity Index the sole release of note. Central bank speak may be of more consequence, with ECB's Lagarde on the docket (she speaks after the ECB met to discuss their policy strategy review this weekend) as well as Fed's Bullard, Kaplan and Williams.
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