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

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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GBP
  • GBP/USD improving to the better levels of Monday trade and extending the winning streak to four consecutive sessions of higher lows. This keeps the 50-dma trending higher, and acting as intraday support at 1.2646.
  • Improvement in spot comes despite modest softness in the front-end of the UK curve - While local headline flow has been very limited since the open, BoE pricing has eased moderately (we note ~107bps of BOE rate cuts priced for '24).
  • More broadly, GBPUSD recently pierced key short-term support at 1.2611, the Jan 2 low and traded through the 50-day EMA, at 1.2624. A clear breach of both support points would highlight a short-term top and signal scope for a deeper retracement, opening 1.2500, the Dec 13 low.
  • Pre-BoE comms and the prelim January PMI data could be key for any test of these levels, particularly any standout trends for services inflation, after the ONS Y/Y services CPI topped forecast by 0.3ppts.
  • We are holding a live video conference with BoE MPC's Dhingra one week after the February 1st BoE rate decision to discuss BoE projections - register here: https://mni.marketnews.com/SwatiDhingra

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