MNI China Daily Summary: Wednesday, November 20

MNI BRIEF: Chinese Aluminium Exporters To Renegotiate Prices

MNI BRIEF: BOJ October Real Export Index Falls 4.9% M/M

MNI: PBOC Net Injects CNY69.1 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1935 Weds; +0.09% Y/Y

CHINA PBOC CONDUCTS CNY302.1 BLN VIA 7-DAY REVERSE REPOS WEDS

MNI: US MBA: MARKET COMPOSITE +1.7% SA THRU NOV 15 WK

MNI: EUROZONE SEP CONSTRUCTION OUTPUT -0.1% M/M, -1.6% Y/Y

MNI: GERMANY OCT PRODUCER PRICES -1.1% 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/USD Tests Key Support, PM Comments On Worsening Economic Conditions

NZD

NZD finished Monday unchanged, the pair reached a high of 0.6100 in earlier European trading before falling to new weekly lows of 0.6078. New Zealand's Prime minister Christopher Luxon commented on the worsening economic conditions with eyes now on GDP data due out on Wednesday. The BBDXY finished up 0.18%

  • NZD/USD has opened Tuesday trading at 0.6084 inline largely unchanged for the day, ranges were 20 pips on Mondays while the pair now trades just above monthly lows and key support, with a break below 0.6069 opening up a retest of the ytd lows.
  • Key levels to watch: Initial support at 0.6069 (Mar 6 lows), below here we open up a retest of the yearly lows of 0.6038 (Feb 5). Initial resistance at 0.6113 (200-day EMA), a break above opens a move to the 0.6175 (Mar 14 high).
  • China aims to enhance economic cooperation with New Zealand, focusing on areas like technology, green economy, innovation, infrastructure, and digital economy, as stated by Chinese Foreign Minister Wang Yi in meetings with New Zealand's Prime Minister Christopher Luxon and Foreign Minister Winston Peters.
  • Looking ahead this week NZ GDP is due Wednesday and Trade Balance on Thursday
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