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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Firms, RBNZ Raises OCR 50bps, Cash Rate Peak Still Projected at 5.50%

NZD

NZD/USD prints at $0.6230/35, ~0.2% firmer as the RBNZ raises the OCR 50bps.

  • The pair rose from $0.6212 pre release, printing a high of $0.6246. Upside resistance comes in at the 200-day EMA ($0.6291).
  • The OCR now sits at 4.75%, the RBNZ still sees the rate peaking at 5.5% and they also still see a recession starting in Q2 this year. There had been some speculation the bank would pause today, given the impact of Cyclone Gabrielle, but the RBNZ stated it will look through short term output and price fluctuations.
  • The bank sees inflation back within the target band in Q3 2024.
  • AUD/NZD is ~0.4% softer, falling below the $1.10 handle. The cross was dealing at $1.1040 pre release, printing a low of $1.0978 in the immediate aftermath. 20-Day EMA comes in at $1.0968.
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