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

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CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

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

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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: USD/CAD Extends Winning Streak

FOREX
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  • USD/JPY is softer off overnight highs headed into the NY crossover, as markets pare a small part of yesterday's solid rally. The pair touched 149.55 in Tokyo trade - a level that could be revisited on any further upside for US yields today.
  • The single currency is among the poorest performers, keeping EUR within range of recent lows. EUR/GBP's printed lower lows for a third session, narrowing the gap in the cross with the bear trigger and range low at 0.8311. CAD trades similarly poorly, undermined by the roll off highs for oil markets this week. USD/CAD's winning streak has now extended to six sessions of higher highs and higher lows - cracking the 50% retracement for the downleg off the August high, and nearing resistance at 1.3745.
  • Today's CPI print could define price action into the close, with last week's bumper NFP print squashing the likelihood of another 50bps rate cut step at the Fed's November meeting. As a result, the bar for a market-moving surprise upon release is certainly higher relative to the rest of this year's releases. Nonetheless, a particularly strong print could raise outside expectations that the Fed could skip a cut entirely at their next meeting.
  • Weekly jobless claims data is also set for release, as well as speeches from Fed's Cook, Barkin and Williams.
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  • USD/JPY is softer off overnight highs headed into the NY crossover, as markets pare a small part of yesterday's solid rally. The pair touched 149.55 in Tokyo trade - a level that could be revisited on any further upside for US yields today.
  • The single currency is among the poorest performers, keeping EUR within range of recent lows. EUR/GBP's printed lower lows for a third session, narrowing the gap in the cross with the bear trigger and range low at 0.8311. CAD trades similarly poorly, undermined by the roll off highs for oil markets this week. USD/CAD's winning streak has now extended to six sessions of higher highs and higher lows - cracking the 50% retracement for the downleg off the August high, and nearing resistance at 1.3745.
  • Today's CPI print could define price action into the close, with last week's bumper NFP print squashing the likelihood of another 50bps rate cut step at the Fed's November meeting. As a result, the bar for a market-moving surprise upon release is certainly higher relative to the rest of this year's releases. Nonetheless, a particularly strong print could raise outside expectations that the Fed could skip a cut entirely at their next meeting.
  • Weekly jobless claims data is also set for release, as well as speeches from Fed's Cook, Barkin and Williams.