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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ING Remain Positive on MXN

MEXICO
  • ING are still very positive on the Mexican peso, noting that 11% implied yields in the currency are still too attractive to miss out on, despite mounting headline risk from the possibility of a Trump presidency. Ahead of tomorrow’s Banxico interest rate decision, they note that Mexico currently has very high real rates, of around 6% using current inflation. In their view, the possibility of a slightly earlier-than-expected rate cut tomorrow, which some analysts are forecasting, would do little to change that.
  • USDMXN continues to trade below 17.3860, the Jan 17 high and remains over 1% below its peak from earlier this week, close to initial support around the 17.00 handle. Key support and the bear trigger, lies at 16.7852, the Jan 8 low.
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