MNI China Daily Summary: Monday, November 11

MNI BRIEF: China Oct M2 Rises To Seven-Month High

MNI BRIEF: Japan Oct Sentiment, Outlook Indexes Both Fall

CHINA YTD NEW LOANS CNY16.52 TRLN VS MEDIAN CNY16.7 TRLN: PBOC

MNI: PBOC Net Injects CNY116.4 Bln via OMO Monday

MNI BRIEF: PBOC Has Room For More Easing : Research Head

EZ/UK Bond Supply Calendar: NE, UK, DE Auction on Tuesday

MNI: NORWAY OCT CORE CPI +0.2% M/M, +2.7% Y/Y

MNI: NORWAY OCT CPI +0.6% M/M, +2.6% 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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NZD: Recoups Post Election Losses, Testing 20-day EMA Resistance

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NZD/USD tracks near 0.6025 in early Friday dealings, not far off Thursday intra-session highs in US trade (0.6038). The currency is up +1.4% for Thursday's session, amid a broad USD pull back (BBDXY off 0.80%). NZD has recouped all of its post US election losses. 

  • Technical wise, we are right on the 20-day EMA. A clean break higher would see the 50-day near 0.6080 targeted. The 100 and 200-day EMA resistance points are around 0.6095. This week's lows rest at 0.5912.
  • We saw a sharp pullback in US yields, the 10yr off 10bps. The FOMC delivered an expected 25bp rate cut, while Fed Chairman Powell's presser was deemed dovish in aggregate, sounding relaxed about inflation and with no material shifts to the outlook over the past month.
  • US equity sentiment remained positive, the SPX up a further 0.74%. NZD, along with other beta plays AUD and NOK, outperformed the rest of the G10.  
  • Optimism around potential China stimulus announcement today also aided China stock indices yesterday, the CSI 300 finishing up over 3% in Thursday trade (this helped drive AUD and NZD gains yesterday).
  • The local data calendar is empty until next week. 
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NZD/USD tracks near 0.6025 in early Friday dealings, not far off Thursday intra-session highs in US trade (0.6038). The currency is up +1.4% for Thursday's session, amid a broad USD pull back (BBDXY off 0.80%). NZD has recouped all of its post US election losses. 

  • Technical wise, we are right on the 20-day EMA. A clean break higher would see the 50-day near 0.6080 targeted. The 100 and 200-day EMA resistance points are around 0.6095. This week's lows rest at 0.5912.
  • We saw a sharp pullback in US yields, the 10yr off 10bps. The FOMC delivered an expected 25bp rate cut, while Fed Chairman Powell's presser was deemed dovish in aggregate, sounding relaxed about inflation and with no material shifts to the outlook over the past month.
  • US equity sentiment remained positive, the SPX up a further 0.74%. NZD, along with other beta plays AUD and NOK, outperformed the rest of the G10.  
  • Optimism around potential China stimulus announcement today also aided China stock indices yesterday, the CSI 300 finishing up over 3% in Thursday trade (this helped drive AUD and NZD gains yesterday).
  • The local data calendar is empty until next week.