MNI BRIEF: PBOC Added Outright Repo For Ample Lqdty In Nov

MNI China Daily Summary: Friday, November 29

MNI: GERMANY NOV UE RATE (SA) 6.1% (FCST 6.1%); OCT 6.1%

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MNI: ITALY NOV FLASH HICP +0% M/M, +1.6% Y/Y

MNI: EUROZONE NOV FLASH HICP +2.3% Y/Y

MNI: UK OCT M4 MONEY SUPPLY -0.1% M/M, +3% Y/Y

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G10 FX Hold Tight Ranges, Light Risk-On Flows Emerge

FOREX

With little in the way of meaningful catalysts elsewhere, fiscal negotiations on the Hill continue to steal the limelight. Light risk-on flows have emerged in G10 FX space as e-minis have ticked higher, amid hopes for progress in U.S. fiscal matters. The greenback underperforms all of its peers from the basket as we type.

  • USD/CNH has been offered, showing under yesterday's/27-month low. The PBoC fix is due within ~25 minutes.
  • USD/KRW extended losses to a fresh 18-month low, after an increase in South Korea's average shipments in the first 20 days of the month indicated a continued recovery in exports.
  • On the radar today we have UK & Canadian inflation data, Canadian retail sales and comments from Fed's Mester, Kashkari, Kaplan, Barkin, Quarles & Bullard, ECB's Lagarde, de Guindos & Lane, BoE's Ramsden & BoJ's Sakurai.
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