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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Prior Risk-Off Keeps USDCAD Within Bullish Trend Structure

CANADA
  • USDCAD at ~1.356 sits within 20 pips of overnight highs of 1.3578 in an extension of yesterday’s broader risk-off moves.
  • The climb took it off the yesterday’s recent low of 1.3478 and supported the trend structure that is still deemed bullish. Resistance is seen at the well-tested bull trigger of 1.3614 from multiple March highs.
  • As noted above, there is a solid $1.3bn expiring at 1.3500-10 with today’s NY cut.
  • Landing with US payrolls, today’s CAD jobs report is the last major release before Wed's BoC just five weeks on from the last decision.
  • BoC-dated implied rates have cooled in recent sessions but still only have a cumulative 17.5bp of cuts for the June decision with the first cut not fully priced until July.
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