MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% 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: Greenback Follows Yields Lower, Working Further in Favour of GBP, JPY

FOREX
  • The fade in the USD into the NY crossover begins to pick up pace, with GBP/USD reversing the day's initial losses to print a new daily high at 1.2915 as markets continue to chew through a small part of yesterday's, and the overnight, losses. The latest move also prompts a fresh wave of selling across both USD/JPY and USD/CHF - both of which trades particularly heavy as the carry trade dynamics evident in recent months continue to unwind. 
  • Yields are proving to be supportive of the USD weakness, with the 10y yield returned back toward the day's lowest levels in tandem. 
  • 153.60 marks next key support for USD/JPY ahead, the mid-May low. A break and close below here opens 151.86 the post-April intervention lows in the pair. Futures volumes and activity in JPY futures are particularly healthy - JPY futures volumes sit near 40% ahead of average for this time of day. Flash US PMI numbers, and the BoC decision, provide the next flashpoints for activity - with wholesale inventories data unlikely to move the needle. 
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