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

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI: US MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

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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USD Falters After Initial Yield-Inspired Strength

FOREX
  • The greenback initially traded well in early European hours, with the USD index rising to touch 94.336 alongside a general extension in the move higher across the US yield curve. This move is fading ahead of the NY crossover, with pre-positioning and squaring likely responsible ahead of the US jobs data.
  • Haven currencies are offered for a second session after the debt ceiling can was kicked on Thursday, helping pressure both the JPY and CHF to the bottom of the G10 pile. The single currency fares more favourably, with the EUR higher against most others.
  • Nonfarm payrolls takes focus going forward, with markets expecting a +500k print across September - a total that would likely keep the Fed on track to taper asset purchases by the end of the year. Canadian jobs data also crosses, with 60k net jobs expected to be added over the month.
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