MNI China Daily Summary: Wednesday, November 20

MNI BRIEF: Chinese Aluminium Exporters To Renegotiate Prices

MNI BRIEF: BOJ October Real Export Index Falls 4.9% M/M

MNI: PBOC Net Injects CNY69.1 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1935 Weds; +0.09% Y/Y

CHINA PBOC CONDUCTS CNY302.1 BLN VIA 7-DAY REVERSE REPOS WEDS

MNI: US MBA: MARKET COMPOSITE +1.7% SA THRU NOV 15 WK

MNI: EUROZONE SEP CONSTRUCTION OUTPUT -0.1% M/M, -1.6% Y/Y

MNI: GERMANY OCT PRODUCER PRICES -1.1% Y/Y

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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FOREX: USD Recovers Well Off O/N Lows, UK CPI Provides Scant Support for GBP

FOREX
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  • The greenback trades firmer against most others in G10 Wednesday, as markets walk back against the late spell of USD weakness that dominated the second half of US trade yesterday. While EUR/USD is well off highs, it remains comfortably clear of the weekly lows at 1.0524 for now.
  • JPY has slipped, with the currency weaker on the back of the more stable equity market backdrop and the overriding market perception that while Ukraine-Russia tensions are ratcheting higher, the endgame remains the same, typified by Putin comments this morning that reiterated that Moscow would prepared to negotiate a ceasefire should demands be met.
  • USD/JPY's overnight rally puts prices back above Y155.50 and within range of Y156.75, the cycle high. Clearance above here would resume the primary uptrend that's proved dominant off the September low.
  • GBP saw only limited support on the back of a firmer CPI print (Core Y/Y at 3.3% vs. Exp. 3.1%, Services CPI at 5.0% vs. Exp. 4.9%), with the release seen doing little to divert policy expectations across '25, which remain focused on the employers NIC hike, and the implications of the last UK Budget.
  • Key datapoints are few and far between Wednesday, keeping focus on the central bank speaker slate. ECB's de Guindos, Stournaras and Makhlouf are set to appear, as well as Fed's Cook - who comments on the economic outlook and policy.  BoE's Ramsden is also to address monetary policy at a speech at the University of Leeds. 
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  • The greenback trades firmer against most others in G10 Wednesday, as markets walk back against the late spell of USD weakness that dominated the second half of US trade yesterday. While EUR/USD is well off highs, it remains comfortably clear of the weekly lows at 1.0524 for now.
  • JPY has slipped, with the currency weaker on the back of the more stable equity market backdrop and the overriding market perception that while Ukraine-Russia tensions are ratcheting higher, the endgame remains the same, typified by Putin comments this morning that reiterated that Moscow would prepared to negotiate a ceasefire should demands be met.
  • USD/JPY's overnight rally puts prices back above Y155.50 and within range of Y156.75, the cycle high. Clearance above here would resume the primary uptrend that's proved dominant off the September low.
  • GBP saw only limited support on the back of a firmer CPI print (Core Y/Y at 3.3% vs. Exp. 3.1%, Services CPI at 5.0% vs. Exp. 4.9%), with the release seen doing little to divert policy expectations across '25, which remain focused on the employers NIC hike, and the implications of the last UK Budget.
  • Key datapoints are few and far between Wednesday, keeping focus on the central bank speaker slate. ECB's de Guindos, Stournaras and Makhlouf are set to appear, as well as Fed's Cook - who comments on the economic outlook and policy.  BoE's Ramsden is also to address monetary policy at a speech at the University of Leeds.