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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Markets Stabilise, Prompting Minor Bounce in USD/JPY

FOREX
  • Markets are relatively sanguine so far Friday, with Thursday's risk-off weakness across equities and growth proxies pausing and allowing for a minor retracement. This puts JPY at the bottom-end of the G10 table, with USD/JPY improving back above the Y115.00 handle.
  • Risk and growth proxies including AUD and NZD are modestly higher, helping AUD/USD extend the recovery off recent lows. This works in favour of AUDUSD at this stage and negates the bearish signals evident in the bearish candle pattern posted late last week. As such, markets re-target the early February highs of 0.7249 to sustain any rally, while a return back below 0.7086 would prove bearish.
  • UK retail sales data came in ahead of expectations, with monthly sales rising 1.7% ex-auto fuel. Nonetheless, negative revisions for the December readings countered any feed through to sentiment, keeping GBP/USD just above the 1.35 handle. The outlook is bullish following recent gains from 1.3358, the Jan 27 low and scope is seen for a test of 1.3662 next, Jan 20 high.
  • Data highlights Friday include Canadian retail sales for December and US existing home sales. The central bank speaker slate should prove more interesting, with Fed's Evans, Waller, Williams and Brainard on the docket as well as ECB's Panetta.

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