MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% Y/Y

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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NZD/USD Nears Key Medium-Term Support

FOREX
  • The late Thursday sell-off across US equity markets continues to exert influence well into the Friday session, with a bias for risk-off seen across G10 FX ahead of the NY crossover. AUD, NZD and NOK are among the weakest currencies so far, with NZD/USD nearing a particularly notable level at the 0.6702 support. This level marks both the December 2021 low (lowest print since late 2020) as well as the 38.2% Fib retracement of the 2020-2021 upleg.
  • GBP similarly underperforms, with EUR/GBP bouncing well off the 2022 low following a particularly disappointing read from December retail sales - which slipped nearly 4% on a M/M basis as non-food stores saw a distinct drop on footfall following the spread of the omicron COVID variant. GBP/USD eyes next support at the 1.3543 100-dma.
  • Haven curencies are the notable outperformers, with CHF, JPY and the greenback all seen firmer this morning.
  • Canadian retail sales data crosses later today, with Eurozone consumer confidence and US Leading Index shortly afterwards. There remains a very quiet central bank speakers slate, with the Fed remaining in their pre-meeting media blackout period. ECB's Lagarde is due to appear on a virtual panel, while BoE's Mann speaks on monetary policy at 1300GMT.
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