MNI China Daily Summary: Tuesday, December 10

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US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

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

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Narrow Ranges In Early Monday Trade

FOREX

There has been narrow ranges across G-10 FX in early trade, USD/JPY briefly dealt about ¥150 before paring gains and there has been little follow through on moves elsewhere. US Equity Futures have trimmed some of Friday's losses and US Tsy yields are a touch firmer. WTI sits down ~0.5%.

  • USD/JPY printed a high at ¥150.11 in early dealing amid thin liquidity before paring gains to sit unchanged from Friday's closing levels at ¥149.80/85. Technically the outlook remains bullish, resistance sits at ¥150.16, Oct 3 high and bull trigger. Support comes in at ¥149.08 the 20-Day EMA.
  • AUD is a touch firmer, AUD/USD prints at $0.6315/20. Q3 CPI on Wednesday is in focus with the RBA closely watching the release. The trend for AUD/USD is bearish, support comes in at $0.6286 which is the bear trigger. Resistance is at $0.6393, high from Oct 18.
  • Kiwi is dealing in narrow ranges and is unchanged from Friday's closing level. A $0.5820/30 range has been observed this morning.
  • Elsewhere in G-10 there have been no moves of note, EUR and GBP are a touch softer.
  • The docket is thin on Monday, markets in Hong Kong and New Zealand are closed today with general liquidity in Asia affected.
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