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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FOREX: Central Bank Contrast Puts NOK/CHF Higher by 1%

FOREX
  • G10 FX has been defined by the procession of central banks this morning - with NOK leading FX gains on the back of a hawkish Norges Bank decision. While the bank kept rates unchanged, the policy statement and accompanying rate path pointed to unchanged policy through to the end of 2024 - leaning against outside expectations for a rate cut as soon as September. EUR/NOK corrected lower in response, hitting the lowest levels since late January to expose next support at 11.2517 in the short-term, and the December/cycle low of 11.1760 further out.
  • CHF is comfortably the poorest performer in G10. Market pricing and expectations were split for the SNB rate decision, and the rate cut prompted aggressive selling pressure in the currency. EUR/CHF's correction higher put the cross briefly back to 0.9550, but a broader rally remains to be seen ahead of resistance at 0.9555/68.
  • The USD trades firmer ahead of the NY crossover, with a modest firming in the US 10y yield helping to support the currency. Recent ranges remain respected for now, but a strong session for the USD would expose 105.805 as key resistance, strength through which puts the dollar at the best levels since early May.
  • The focus shifts to both the BoE decision and the weekly jobless claims data from the US. Building permits and housing starts are also set to cross. The central bank speaker slate is quieter, with just Fed's Kashkari set to speak ahead of the US cash equity open. 
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