MNI China Daily Summary: Wednesday, December 11

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USD Index Set To Close With 0.65% Advance

FOREX
  • The USD index (+0.65%) briefly traded above the 1.04 mark on Wednesday for the first time since January 06. Although late equity gains have moderately trimmed the advance, the index looks to consolidate just below session highs approaching the end of the US session. Upward pressure on US yields continues to underpin the strength in the greenback.
  • AUD and GBP continue to be the day’s worst performing majors, both declining around 1.25%. AUD trades heavily on the back of local equity weakness and softer stock markets in China and Hong Kong.
  • GBPUSD has stabilised back above the 1.20 mark for now, however, today’s weakness is a result of CPI falling short of forecast across both headline and core measures, resulting in a print of 1.1990.
  • Cable maintains a sell-on-rallies theme and recent weakness reinforces a S/T bearish theme and signals scope for a continuation. Sights are on the 200-dma at 1.1947. A move through this level would expose key support at 1.1842, the Jan 6 low.
  • After topping the key short-term level marking the 50-day EMA on Tuesday, USDJPY’s break above 132.77 suggests scope for an extension higher that would expose 134.77, the Jan 6 high.
  • EURUSD sits close to its 50-day EMA approaching the APAC crossover, a key support level, of which a break would strengthen the bearish cycle. A close below may signal a move that exposes 1.0634 initially, the Jan 9 low. Below here, attention would turn to 1.0484, the Jan 6 low and a key support.
  • Consumer inflation expectations and employment data for Australia highlight Thursday’s APAC calendar. Focus then shifts to US PPI data.
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