CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

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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RBNZ Up This Week

NZD

NZD/USD has retraced its initial uptick and last trades flat at $0.7032, holding a 16 pip range in early Asia-Pac trade.

  • NZ PM Ardern was forced to defend the national vaccination campaign after another border worker tested positive for Covid-19. Ardern explained that the vaccine rollout has covered 80% of frontline & MIQ workers thus far.
  • From a technical point of view, bears need a slide through Apr 7 low of $0.6997, which would open up Apr 1/Mar 25 lows of $0.6946/43. Conversely, a rally above the $0.7069/70 area, which capped gains on Apr 5-7, would shift focus to the 100-DMA at $0.7146.
  • On the local docket this week we have card spending (Tuesday), food price index (Thursday) & BusinessNZ M'fing PMI (Friday).
  • On Wednesday, the RBNZ will deliver its latest Monetary Policy Review. Analysts surveyed by BBG are unanimous in expecting the OCR to remain unchanged.
  • NB last month RBNZ Dep Gov Bascand told MNI that it's too earl to "take away the punchbowl" and the Reserve Bank still has plenty of policy ammunition.
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