MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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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Pressured As China Manufacturing Activity Slows

NZD

(MNI Australia) NZD/USD prints at $0.6325, down ~0.4%, in yesterday's trading.

  • NZD/USD was pressured as China's Official PMI figures released on the weekend showed a slowdown in December. Manufacturing PMI printed 47.0 vs exp 47.8, prior was 48.0, and Non-manufacturing PMI printed at 41.6 vs exp 45.0, the prior reading was 46.7. The Composite PMI was 42.6 vs prior reading of 47.1.
  • The pair found support at $0.6317 before dealing in a $0.6320/40 range as wide spreads and limited liquidity due to the NY Day holiday limited activity.
  • Technically the pair is still in a bullish trend. Bulls look to target a break of $0.64, opening up the high from 13 Dec at $0.6514. Bears first need to breach the 20-day EMA at $0.6311, then the 200-day EMA at $0.6257 to turn the tide.
  • Liquidity may be impacted again today as domestic markets are closed due to the New Years Holiday.
  • The only local data on the wires this week is Dec CoreLogic House Prices on Wednesday.
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