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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Markets Testing SNB Tolerance

FOREX
  • JPY is the poorest performer on the day, but the pullback pales in comparison to the strength seen into the Wednesday close. USD/JPY looks to the 114.00 handle as a near-term anchor, with markets needing to retake 114.97 to reignite the upside argument, while a break below 113.76 would prove bearish.
  • EUR/CHF remains a focus, with markets watching the cross testing the key support seen ahead of the 1.05 handle. 1.0503 remains the low print so far, with traders looking to gauge the SNB's implied tolerance level for the cross.
  • NZD is the strongest currency in G10, with the currency taking the lead from 2yr inflation expectation data released overnight, which surged to 2.96% from 2.27% previously - the highest rate since 2011. NZD/USD rallied to narrow the gap with the 50-dma of 0.7056. A break above here would see the short-term outlook improve toward 0.71 and the 200-dma.
  • Data in focus later today includes weekly US jobless claims, with markets expecting a modest improvement in claims, seen dropping to 260k. Fed speakers remain plentiful, with Fed's Williams likely the focus - he speaks on transatlantic responses to the pandemic. Others include Evans, Bostic and Daly, but don't appear policy-oriented.
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