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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FOREX SUMMARY

FOREX

A mix early start for FX today, with USD taking its cue from Equity price movements.

  • USD remains in negative territory against all majors, ahead of the two Georgia Senate run-off.
  • GBP trades within ranges, despite the UK new lockdown measures, more of a USD function.
  • Cable is flat on the day at 1.3570.
  • EURUSD tested session high at 1.2284, but still short of the big 1.2310 High Dec 30 and the bull trigger.
  • We have a small triple top here, with the pair also printing 1.2309 on the 31st Dec and yesterday.
  • Yuan has given back some of its overnight gains, which were driven by the NYSE scrapping plans to delist China's 3 biggest state owned communication firms.
  • Overnight desk, noted USD local demand for the initial reversal.
  • AUD is the best performer in G10 against the Greenback, up 0.69% at the time of typing.
  • Looking ahead, US ISM Manufacturing is the data of note, and Fed Williams, Evans are the scheduled speakers.
  • Short term focus (this week), is on the US election run-offs results.
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