MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% 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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FOREX: Fed's Musalem Says Jobs Data Doesn't Shift Fed Outlook, USD Softer

FOREX
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The USD is drifting lower in early Tuesday dealings, aided by the softer front end US yield backdrop. The BBDXY index was last off close to 0.1%, near the 1237.6 level. 

  • We had earlier comments from the Fed's Musalem, who stated the current Fed policy path is still appropriate despite Friday's jobs data. The 2yr yield is back under 3.97%, off close to 3bps.
  • Oil prices spiked in the first part of trade amid X headlines of explosions in Iran, but nothing has been confirmed and oil benchmarks sit slightly lower now for the session.
  • NZD/USD is marginally outperforming, up close to 0.25%, last near 0.6140. AUD/USD is a touch higher, last near 0.6760. The Westpac Consumer confidence measure bounced 6.2% for October.
  • USD/JPY is back under 148.00, but hasn't seen much downside sub this figure level. Earlier data showed close to expected labour earnings and household spending data.
  • US equity futures sit a touch higher, but regional equity markets are mostly lower following cash US losses in Monday trade.
  • Coming up we have the RBA minutes, the NAB business survey, ANZ job ads, then RBA Deputy Governor Hauser speaking. 
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The USD is drifting lower in early Tuesday dealings, aided by the softer front end US yield backdrop. The BBDXY index was last off close to 0.1%, near the 1237.6 level. 

  • We had earlier comments from the Fed's Musalem, who stated the current Fed policy path is still appropriate despite Friday's jobs data. The 2yr yield is back under 3.97%, off close to 3bps.
  • Oil prices spiked in the first part of trade amid X headlines of explosions in Iran, but nothing has been confirmed and oil benchmarks sit slightly lower now for the session.
  • NZD/USD is marginally outperforming, up close to 0.25%, last near 0.6140. AUD/USD is a touch higher, last near 0.6760. The Westpac Consumer confidence measure bounced 6.2% for October.
  • USD/JPY is back under 148.00, but hasn't seen much downside sub this figure level. Earlier data showed close to expected labour earnings and household spending data.
  • US equity futures sit a touch higher, but regional equity markets are mostly lower following cash US losses in Monday trade.
  • Coming up we have the RBA minutes, the NAB business survey, ANZ job ads, then RBA Deputy Governor Hauser speaking.