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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Holding Near Session Lows

NZD

NZD/USD prints at $0.6160/65, the pair is down ~0.6% today. Kiwi is the weakest performer in the G10 space at the margins.

  • Pressure, after New Zealand CPI for Q1 printed below market expectations and also below the RBNZ's forecast, has seen the pair print its lowest level since 16 March.
  • Losses have been marginally pared however NZD/USD has been able to sustain a recovery thus far and is holding a touch off session lows.
  • Bears now target year to date lows at $0.6085. Bulls first look to break above the 20-Day EMA ($0.6222) to turn the tide.
  • Cross asset wise; e-minis are ~0.2% softer and BBDXY is little changed.
  • Looking ahead March Non Resident Bond Holdings is on the wires at the top of the hour, the domestic data calendar is empty tomorrow however RBNZ's Hawkesby speaks about financial stability.
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