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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LATAM: USDMXN Remains Well Supported Despite DXY Weakness, Fed Minutes Up Next

LATAM
  • In the aftermath of the messy US payrolls benchmark revision release and the small spike higher for the greenback, the USD index has resumed its weakening trend. As such, the DXY has now broken below the overnight lows of 101.31 and continues to press fresh 2024 lows. In G10, EUR and GBP continue to approach some interesting chart points as well as USDJPY remaining heavy. Participants will be monitoring any build in momentum should the DXY start trading below the Dec 2023 lows of 100.62.
  • Despite the greenback weakness, the negative sentiment surrounding Mexico is keeping USDMXN well supported, with the pair approaching session highs at typing. As noted, short-term objectives are 19.4090 and 19.5999, the 50.0% and 61.8% retracement points of the sell-off between Aug 5 - Aug 16.
  • Fed policy communications will be a key focus in the coming days, starting with the minutes of the July FOMC meeting (1400ET) which will be eyed for the degree of support on the Committee for a rate cut at the time. The main event though is the annual Jackson Hole Economic Policy Symposium (Aug 22-24), with the key event being Chair Powell's speech on Friday.
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