MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

MNI BRIEF: Brazil Annual Inflation Rises To 4.87% In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

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/JPY Eyeing 156.00 Test, Aust Business Survey, NZ Inflation Expectations Later

FOREX

The USD is close to unchanged in the first part of Monday dealing, albeit with a slight upside bias. The BBDXY index was last near 1254.40.

  • USD/JPY has firmed towards recent highs, last around 155.90/95. Upside focus may rest on the May 2 high at 156.28 if we can break above the figure level.
  • US yields are lower in early dealings, but losses are around 1bps at this stage. US equity futures sit down a touch.
  • USD/JPY gains are still outperforming US-JP yield differentials, although these spreads have stabilized somewhat.
  • AUD/USD is down a touch near 0.6600, while NZD/USD is around 0.6020.
  • Earlier we had the NZ services PMI, which fell to 47.1 from a revised 47.2 reading. NZ food prices rebound to 0.6% m/m, after March's 0.5% fall. Later on, we get NZ 2Q inflation expectations.
  • Before that we have the NAB April business survey print in Australia.
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