MNI China Daily Summary: Thursday, December 12

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Firms Back Above 0.6700

AUD

AUD/USD has started the week on a firmer footing, up around 0.40% versus closing levels from last week. This puts the pair back to 0.6710, with most other currencies weaker against the USD in the first part of trade today.

  • This reverses Friday's session weakness for the AUD. Reports from China's CEWC that promoting economic growth in 2023 will be a priority, particularly domestic demand, has potentially aided AUD sentiment at the margin this morning.
  • To recap, cross asset signals were mostly negative for the currency through Friday's session, with equities weaker in US and EU trade, while commodities also fell (-1% for the Bloomberg aggregate index). Softer US PMI prints heightened recession fears.
  • Note we saw also decent downside in the AUD/NZD cross post the Asia close on Friday. The pair touched a fresh cyclical low close to 1.0470, but we are now back above the 1.0500 handle this morning.
  • The main domestic event risk this week will be tomorrow's RBA minutes from the December meeting.
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