MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI: NORWAY NOV CPI +0.3% M/M, +2.4% 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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Major Pairs Near Wednesday Support, Keeping USD Bias Pointed Higher

FOREX
  • Trends are extending across currency markets ahead of the Thursday NY crossove,r with the greenback recovering off Asia-Pac session lows and pushing most major pairs toward Wednesday's lowest levels. These levels mark a key support ($0.9835 in EUR/USD, $1.1227 in GBP/USD, Y144.85 in USD/JPY) and a break through these marks could prompt an extension of the dollar bounce and target 111.8592 for the USD Index, the 38.2% retracement for the downleg off late September's cycle high.
  • At the bottom end of the table, NOK is slipping against all others in G10 as the currency partially reverses the oil-inspired strength seen since the beginning of the week. EUR/NOK targets 10.5165 initially, and a break above here opens 10.5375, the 1.0% 10-dma envelope.
  • GBP is faring poorly, slipping against most others and allowing EUR/GBP to extend the bounce off Tuesday's 0.8649 low, keeping the 50-dma resistance exposed. Next key levels cross at 0.9066/9266 the High Sep 28 / High Sep 26.
  • Focus turns to the weekly jobless claims data as well as challenger job cuts for September as markets watch for clues ahead of this Friday's US jobs report. The central bank speakers slate is busier, with seven FOMC members due as well as BoE's Haskel and BoC's Macklem.
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