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

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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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Supported Sub 0.6100, Main Focus On Wed CPI Print

NZD

NZD/USD sits near 0.6115 in early Monday dealings, little changed from end levels last week. The pair spent Friday's session largely in the 0.6090 to 0.6125 range. We were 1.4% weaker for last week, albeit spending much of Thursday and Friday sessions supported on dips sub the 0.6100 level.

  • For now, NZD/USD is receiving support around the 200-day MA, which comes in at 0.6091.
  • Broader USD sentiment drifted a touch lower through Friday's session, with the BBDXY edging down to 1235.4. US yields maintained positive momentum although more so at the front end of the curve. There was more push back on projected cuts in the near term from Fed officials.
  • Positive US equity market sentiment in US markets to end the week, likely weighed on the USD at the margins. NZD/JPY finished last week marginally firmer, tracking near 90.65/70 in early trade today. The pair remains within recent ranges though.
  • For NZD the main focus will be on Wednesday's Q4 CPI print.
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