MNI China Daily Summary: Wednesday, November 20

MNI BRIEF: Chinese Aluminium Exporters To Renegotiate Prices

MNI BRIEF: BOJ October Real Export Index Falls 4.9% M/M

MNI: PBOC Net Injects CNY69.1 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1935 Weds; +0.09% Y/Y

CHINA PBOC CONDUCTS CNY302.1 BLN VIA 7-DAY REVERSE REPOS WEDS

MNI: EUROZONE SEP CONSTRUCTION OUTPUT -0.1% M/M, -1.6% Y/Y

MNI: GERMANY OCT PRODUCER PRICES -1.1% Y/Y

MNI: UK OCT CPI +0.6% M/M, +2.3% Y/Y

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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Steady Start Across G-10, RBA On Tap

FOREX

There has been a steady start across the G-10 space, ranges have been narrow with little follow through on moves thus far. In the cross asset space flows are muted; US Tsys are flat and US Equity futures are a touch below opening levels.

  • Yen is unchanged from opening levels, there has been little reaction thus far to the Tokyo CPI print which was a touch softer than expectations. Support comes in at ¥146.23, the low from Dec 4. Resistance is at ¥148.51, high from Nov 30.
  • AUD/USD has observed a $0.6610/20 range this morning, yesterday's fall in the pair was considered corrective and the trend remains bullish. Resistance comes in at $0.6691, high from Dec 4. Support is at the 20-Day EMA ($0.6539).
  • Kiwi is also observing a narrow range, NZD/USD is holding above Monday's lows. Commodity Export Prices fell 1.3% M/M in November.
  • Elsewhere in G-10 there are no moves of note thus far.
  • The highlight of today's Asia-Pac session is the monetary policy decision from the RBA, the decision crosses at 1130HKT/0330GMT. There is no change to policy expected.
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