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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MYR Back Close To 4.4400, Weaker CNH/Palm Oil Prices Weigh

MYR

Malaysia markets have returned after a 4 day break. USD/MYR has pushed back to 4.4400, after opening lower (sub 4.4200). Some selling interest is evident above 4.4400, as moves above this level weren't sustained last week. USD/MYR bulls will target a break above this level, which would open a move towards the 200-day MA (around 4.4780), while bears need to see a break of the 100-day MA (4.4060/65) on the downside to turn the tide.

  • The local data calendar contains FX reserves ending Apr 14, due later today, which is unlikely to move sentiment. The next major release is not until May 2, with the manufacturing PMI due.
  • Elsewhere, higher USD/CNH levels will be hurting ringgit sentiment. The MYR largely following USD/CNH direction this year.
  • Palm oil prices are also tracking lower, back to MYR4032, off 1.9% today and sub closing levels from the end of March. This is line with Brent crude correcting lower off recent highs.
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