MNI China Daily Summary: Thursday, December 12

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MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

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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​On Track For 7th Straight Monthly Loss ​​​

GOLD

Gold is not too far away from Friday's session lows. The precious metal has been unable to gain much traction above $1645 through the first part of trading today, last around $1644, down slightly on closing levels from last week.

  • This follows a 1.11% dip on Friday's session, which was enough to unwind gains for the week. Gold is also on track to fall again this month. This would be the 7th straight monthly fall, which commenced in April.
  • A firmer USD, coupled with a bounce in nominal UST yields (real yields were unchanged) were headwinds through Friday and this remains the case today.
  • There is some support sub $1640, beyond that is the October 21 lows just under $6120. On the topside, last week's gains above $1670 proved unsustainable.
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