BOC WILL BE CONSDIERING FURTHER RATE CUTS

BOC DOESN'T SEE A RECESSION, RATHER SLOW GROWTH

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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

US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

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 SUMMARY

FOREX

EUR has seen broader base selling during our early European session.

  • The currency touched low of the session against USD, GBP, CNH, CAD, JPY, AUD and is underperforming against all majors besides the SEK
  • GBP came under early pressure following report that EU envoys briefed that the UK hasn't moved on 3 main hurdles.
  • Cable moved from 1.3269 down to 1.3251, but since recovered after a round of Equity buying hit our screens, with the move higher related to index option expiry.
  • Cable is back at 1.3272 at the time of typing
  • AUDNZD resumed its downside momentum through lowest levels seen since April 2018, but failed to break the psychological 1.0500 area.
  • Looking ahead, we have no data of note, although we still have few more speakers scheduled, including ECB Weidmann, and Fed Kaplan, Barkin and George.
  • ALL EYES remains squarely on Brexit, Covid, and US Election certification count going into next week
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