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 MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

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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Higher on RBA Minutes, But Limited Follow Through

AUD

AUD/USD is higher post the RBA minutes, although there hasn't been a great deal of follow through. Versus lows for the session just under 0.6900, we hit a high of 0.6920, but now sit back at 0.6915, only slightly higher on the day. We remain within ranges from Monday's session. AUD/NZD is slightly firmer, last around 1.1050, but down from session highs of 1.1060.

  • Some excitement was likely from the RBA reference to a 50bps or a 25bps hike considered at the Feb meeting. The arguments though for going by 25bps, more frequent RBA meetings, a lot of tightening already delivered etc suggests the bar may be high to move back a firmer pace of hikes.
  • We do get Q4 wages data tomorrow though, which will form an important piece of the outlook.
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