MNI China Daily Summary: Thursday, December 12

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MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

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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Still Vulnerable

CABLE TECHS
  • RES 4: 1.3270 2.0% 10-dma envelope
  • RES 3: 1.3177 High Oct 21 and the bull trigger
  • RES 2: 1.3080 High Oct 27 and key near-term resistance
  • RES 1: 1.3026 High Oct 29
  • PRICE: 1.2924 @ 05:51 GMT Nov 3
  • SUP 1: 1.2855 Low Nov 2
  • SUP 2: 1.2863 Low Oct 14 and key near-term support
  • SUP 3: 1.2806 Low Sep 30
  • SUP 4: 1.2794 76.4% retracement of the Sep 23 - Oct 21 rally

GBPUSD outlook remains bearish following last week's extension lower and the pair is trading at the lower end of its recent range. The breach last week of 1.2940, Oct 21 low suggests scope for a deeper pullback with attention on 1.2863, Oct 14 low and a key S/T support. Clearance of this level would open 1.2794, a Fibonacci retracement. Initial firm resistance is seen at 1.3080, Oct 27 high. A break would ease bearish pressure and open 1.3177, Oct 21 high.

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