MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% Y/Y

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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JPY Resumes Slide, Growth Proxies on Front Foot

FOREX
  • JPY remains on the backfoot, with the currency underperforming all others in G10. This puts USD/JPY just below the Y113.50 mark, with the week's highs of Y113.80 the upside target and bull trigger. A break above would open levels not seen since late 2018.
  • The greenback also trades offered, with the USD Index extending yesterday's slide to drop to the lowest levels since early October. the moves put EUR/USD back above the 1.16 handle, opening gains toward 1.1640 and the 50-dma at 1.1722.
  • Risk appetite appears to have improved, with European equity markets in positive territory with gains of 0.7-1.1%. This has helped growth proxies and high beta currencies to the top of the table, with NZD, AUD and NOK outperforming.
  • US PPI data crosses later today, with markets expecting a moderation in price pressures on a M/M basis, although Y/Y metrics are expected to continue to climb, putting PPI Final Demand at 8.7%, another series record. Weekly US jobless claims data also crosses.
  • Central bank speak picks up at the NY crossover, with highlights including ECB's Knot, BoE's Tenreyro & Mann as well as FOMC members Barkin, Daly and Harker and Fed's Logan.
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