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

MNI: GERMANY OCT PRODUCER PRICES -1.1% Y/Y

MNI: UK OCT CPI +0.6% M/M, +2.3% 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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O/N Implied Volatility Within Recent Ranges, Large Option Expiries Today

AUD

AUD/USD overnight implied volatility sits at 13.4475% as option markets price in a $0.6561-$0.6673 range in the aftermath of today’s RBA monetary policy decision.

  • Overnight implied volatility sits well within recent ranges and firmly below 2023 highs seen during the SVB crisis in March.
  • Overnight risk reversals are skewed to the downside, we sit a touch of 2023 highs.
  • Based on the latest DTCC data at NY cut today there are a number of close expiries, at a $0.6660 strike there are $725mn of AUD Calls and at $0.6550 strike there is a mixture of AUD Calls and Puts totalling $964mn.
  • The uptrend in AUDUSD remains intact and Monday's pullback appears to be a correction. Resistance comes in at $0.6691 High Dec 4, and $0.6727 2.0% 10-dma envelope. Support is at $0.6539 20-day EMA.
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