MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

MNI: UK NOV FINAL MANUF PMI 48.0 (FLASH 48.6); OCT 49.9

MNI: EUROZONE NOV FINAL MANUF PMI 45.2 (FLASH 45.2); OCT 46.0

MNI: PBOC Net Drains CNY216 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1865 Mon; -1.50% Y/Y

MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 29

MNI: EUROZONE OCT UNEMPLOYMENT RATE 6.3%

MNI: GERMANY NOV FINAL MANUF PMI 43.0 (FLASH 43.2); OCT 43.0

MNI: FRANCE NOV FINAL MANUF PMI 43.1 (FLASH 43.2); OCT 44.5

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

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Update: BRL Outperforms As Copom Nears

LATAM
  • The Brazilian Real reversed early losses to lead global gains on Monday amid a weaker dollar. Near-term pressures on the central bank to implement a bolder 100 basis point hike next week remain following Friday's inflation figures. Further evidence of this is seen in a flatter DI curve, with front end swap rates continuing to rise against lower yields across the rest of the curve.
    • USDBRL has matched last Monday's lows around 5.1525. 5.1150 would close the gap to the prior week's close. Below here, initial support is at 5.0550, Jul 15 low.
  • USDMXN has also been led lower by the greenback after printing early highs above 20.15. Settling around 20.00 and down 0.32%, the pair finds itself in familiar territory once again. For an indication of the rangebound trading, USDMXN has only closed outside of the 19.80/20.20 range once, since 22nd June.
  • The Peruvian Sol also rallied on Monday and this can most likely be attributed to dollar weakness and a very strong performance in Copper, rallying the best part of 4.5%. President-elect Pedro Castillo called on his political party, Peru Libre, to not discard anyone while talks are held to form a cabinet, according to televised remarks. Traders will eagerly await actual names in order to have hints on what policies the new president may set.
  • Bucking the trend, CLP and COP retreated and were the regions worst performers. Lingering political anxieties related to the constitutional reform and the upcoming elections in Chile maintain bearish conditions for CLP. Colombia may be slightly under pressure from lower oil prices as well as uncertainty surrounding the less aggressive tax reform, presented to congress last week.
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