MNI China Daily Summary: Wednesday, December 11

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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%

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AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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USD/Asia Pairs Lower, Led By The Won, Singapore Inflation Below Forecasts

ASIA FX

USD/Asia pairs are lower across the board, with Asian currencies outperforming some of the higher beta G10 plays, which are weaker against the dollar. A firmer yen backdrop is helping, particularly for those currencies in North East Asia. USD/CNH is lower, shrugging off a negative equity lead. In South East Asia, FX gains are more muted but still never the less present. USD/SGD is slightly higher post the CPI miss for June, but estimates of the SGD NEER point to little change.

  • USD/CNH has slipped back under 7.2900, largely due to lower USD/JPY levels. We also had a steady USD/CNY fixing outcome (despite higher market forecasts), which also provided some marginal support. The equity backdrop remains soft though, with onshore equities struggling despite yesterday's rate cut.
  • The won and TWD are seeing benefits from equity market gains, following tech led advances in US trade from Monday. The Taiex is outperforming at the this stage, up around 2.1%, The Kospi is up a more modest 0.60%. Positive spill over from a firmer yen and a steadier yuan backdrop is also aiding both of these currencies. KRW is seeing slightly large gains at this stage. Spot is up around 0.30%, last near 1384. This leaves us comfortably within recent ranges for USD/KRW. Spot USD/TWD is down a little over 0.1%, last near 32.83. Yesterday's fresh multi year highs were close to 32.88.
  • USD/SGD is relatively steady, last near 1.3450. Recent highs come in close to 1.3600, back at the start of the month. We are up slightly post a softer than expected June CPI print, with headline back to 2.4% y/y, core under 3.0% y/y. The multiyear lows for both series. It comes ahead of the MAS decision this Friday. The SGD NEER (per Goldman Sachs estimate) is also little changed.
  • Trends are biased slightly against the USD elsewhere. USD/MYR is down a touch, last near 4.6730, while USD/PHP and USD/THB are close to unchanged. Philippines Finance Chief Recto stated he was open to a rate cut next month but ultimately it is the board's decision (per BBG).
  • USD/IDR opened sub 16200, so off recent highs, but has seen little follow through.
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