MNI China Daily Summary: Wednesday, November 20

MNI BRIEF: Chinese Aluminium Exporters To Renegotiate Prices

MNI BRIEF: BOJ October Real Export Index Falls 4.9% M/M

MNI: PBOC Net Injects CNY69.1 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1935 Weds; +0.09% Y/Y

CHINA PBOC CONDUCTS CNY302.1 BLN VIA 7-DAY REVERSE REPOS WEDS

MNI: US MBA: MARKET COMPOSITE +1.7% SA THRU NOV 15 WK

MNI: EUROZONE SEP CONSTRUCTION OUTPUT -0.1% M/M, -1.6% Y/Y

MNI: GERMANY OCT PRODUCER PRICES -1.1% Y/Y

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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MEXICO: USDMXN Remains Lower on Week Despite Wednesday Uptick

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • USDMXN found some support around 20.10 overnight and the broader greenback bid has assisted the pair to ~20.25 at the NY crossover. Our technician continues to highlight that the Nov 6 pullback and the follow through on Nov 7, as highlighting a potential short-term top. This may expose firm support at the 50-day EMA, at 19.84 and as we noted earlier, BBVA are also expecting a deeper retracement to 19.80.
  • As well as the lower house discussion on the constitutional reform that would eliminate autonomous regulatory agencies, Finance Minister Rogelio Ramírez de la O will also discuss the country’s budget proposal for 2025.
  • Domestic data picks up on Thursday, where September retail sales are due. Friday will bring the final reading of Q3 GDP & September economic activity, alongside the mid-November readings for headline and core inflation. Separately, the Finance Ministry will hold a debt swap auction on Nov. 21 to extend maturities of local notes, according to a central bank statement.
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  • USDMXN found some support around 20.10 overnight and the broader greenback bid has assisted the pair to ~20.25 at the NY crossover. Our technician continues to highlight that the Nov 6 pullback and the follow through on Nov 7, as highlighting a potential short-term top. This may expose firm support at the 50-day EMA, at 19.84 and as we noted earlier, BBVA are also expecting a deeper retracement to 19.80.
  • As well as the lower house discussion on the constitutional reform that would eliminate autonomous regulatory agencies, Finance Minister Rogelio Ramírez de la O will also discuss the country’s budget proposal for 2025.
  • Domestic data picks up on Thursday, where September retail sales are due. Friday will bring the final reading of Q3 GDP & September economic activity, alongside the mid-November readings for headline and core inflation. Separately, the Finance Ministry will hold a debt swap auction on Nov. 21 to extend maturities of local notes, according to a central bank statement.