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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NEER Above Pre-MAS Levels, Retail Sales Growth Moderates

SGD

The SGD NEER (per Goldman Sachs estimates) firmed and now sits a touch above its pre MAS levels from mid April. We now sit ~0.7% below the top of the band.

  • Broader USD trends dominated USD/SGD on Friday, the pair firmed in the aftermath of the NFP print in the US before the SGD firmed into the close as risk appetite improved. We now sit at $1.3245/55, ~0.1% softer on Monday.
  • The pair has continued to tick away from its 20-Day EMA ($1.3316) after breaking below the measure on Wednesday, bears first target the low from 14 April at $1.3204. Bulls look to target high from March 10 at $1.3576
  • On Friday Retail Sales for March crossed. Growth moderated to 4.5% from 12.7% in February however this was firmer than the expected drop of 1.1%.
  • There is a thin calendar for SGD this week, the only data of note is Foreign Reserves for April which cross today.
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