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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Greenback Bounce Extends Into London Close

USD
  • The dollar continues to pare the week's losses into the Friday London close, with the greenback recovering off today's weekly lows printed against the EUR, GBP, AUD, NZD and others.
  • USD's bounce comes as an extension of the reaction following the bumper University of Michigan sentiment release: 1y inflation expectations came in well ahead of forecast (4.6% vs. Exp. 3.7%, the biggest beat on consensus since 2021).
  • Solid bank earnings likely a contributor for the USD upside also, with solid earnings and revenue posted by the likes of Wells Fargo, JP Morgan and Citigroup allaying any fears of instability among the biggest US banks.
  • The USD Index remains over 1% lower off the Monday high, but is paring losses, as short-covering adds to the dynamic.
  • 101.7975 marks the 50% retracement of the week's range, and would prove constructive for any recovery toward the 103.4456 50-dma.
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