MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% 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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See-Sawing Around 200-Day EMA, Australia Q3 CPI Headlines Docket

AUDNZD

AUD/NZD has see-sawed around the 200-Day EMA ($1.0823) in recent dealing after firming above the measure on Thursday last week. Ranges have been narrow with a $1.0800/50 range persisting for the most part last week.

  • In early dealing on Monday we last print at $1.0835/40.
  • Bulls now target $1.0923, the high from 18 Sep and the $1.10 handle. A break through here opens YTD highs ($1.1088) and high from 18 Oct 22 ($1.1207).
  • On the downside bears look to hold below the $1.08 handle to target the 20-Day EMA ($1.0760). A break below here opens the $1.06 handle, the low from 22 May ($1.0560) and the 2022 low ($1.0471).
  • Rate differentials, observed via 2-Year Swaps, are steady sitting at -122bps.
  • The highlight of the Antipodean docket this week is Wednesday's Q3 CPI from Australia which is expected to tick lower to 5.3% Y/Y from 6.0%.
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