MNI China Daily Summary: Wednesday, February 12

MNI: PBOC Net Drains CNY139 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1710 Weds; -1.55% Y/Y

MNI China Press Digest Feb 12: Consumers, Autos, FDI

MNI BRIEF: Fed's Powell - Neutral Rate Has Risen Meaningfully

MNI BRIEF: Fed Would Use QE Only When Rates At Zero - Powell

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

MNI: USDA: 2024/2025 CORN PRODUCTION EST 14.87B BSL

EZ/UK Bond Supply Calendar: France Syndication "Near Future"

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

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ZAR: Rand Tad Firmer Despite Downtick In Gold Prices

ZAR
EM BulletBulletEmerging Market News

USD/ZAR has inched lower despite an uptick in the BBDXY Index (+0.1%) and last deals at 18.4494, around 250 pips worse off. Bears look for a dip through Jan 24 low of 18.3022, while bulls keep an eye on Jan 13 high of 19.2296.

  • The beginning of the week in South Africa was defined by US President Trump's decision to cut aid to South Africa, which marked an escalation in tensions between the two countries. The issue featured prominently in the post-SONA parliamentary debate, with most parties advocating sticking with a defiant stance.
  • SAGB have reversed initial losses and yields now sit in negative territory. South Africa's 5-year and 10-year breakeven inflation rates are at 4.43% and 5.56% respectively.
  • The aggregate BBG Commodity Index has shed 0.3%, with the precious metals subindex down by 0.5%. Gold changes hands ~$6.1/oz. lower on the session.
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USD/ZAR has inched lower despite an uptick in the BBDXY Index (+0.1%) and last deals at 18.4494, around 250 pips worse off. Bears look for a dip through Jan 24 low of 18.3022, while bulls keep an eye on Jan 13 high of 19.2296.

  • The beginning of the week in South Africa was defined by US President Trump's decision to cut aid to South Africa, which marked an escalation in tensions between the two countries. The issue featured prominently in the post-SONA parliamentary debate, with most parties advocating sticking with a defiant stance.
  • SAGB have reversed initial losses and yields now sit in negative territory. South Africa's 5-year and 10-year breakeven inflation rates are at 4.43% and 5.56% respectively.
  • The aggregate BBG Commodity Index has shed 0.3%, with the precious metals subindex down by 0.5%. Gold changes hands ~$6.1/oz. lower on the session.