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

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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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Single Currency Slippage Tips EUR/USD Toward First Support

EUR
  • Having started the session on better footing, EUR is extending slippage off overnight highs, with EUR/USD's new daily low well in range of first support at the Monday pullback and cycle low of 1.0724 - clearance below here opens levels last seen in November last year.
  • Pick up in volumes evident on the decline, with more sizeable activity evident in futures on the leg lower from 1.0737 to 1.0726 (cash equivalent of ~$600mln traded on the move). Slippage in spot tilts prices away from the most sizeable option expiries of the day, and well away from the E2.5bln that was set to roll off at 1.08 at today's NY cut.
  • Moves not triggered by the ECB's CES, monpol pricing or that bumper German factory orders, shrugged off due to the presence of sizeable aircraft orders - and unlikely aided by a speech from ECB's de Cos, who confirmed expectations that the next likely move on rates will be a rate cut.
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