MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate 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

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

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 Slippage Triggers Oversold Condition For First Time in 18 Months

FOREX
  • JPY surged against all others in G10 Wednesday, as the short-covering triggered rally persisted to put USD/JPY through the 100-dma support and to the lowest levels since early May. This extends the gap with the cycle high posted pre-intervention to over 850 pips, and aids the JPY spot TWI's bounce to 5% off the cycle low.
  • A poor showing from global equities worked in favour of haven currencies, and against growth proxies. Poorly received earnings reports from the likes of Alphabet and Tesla prompted sharp reversals in their share price, dragging the tech-heavy NASDAQ index lower by near 2.5% at some points of the session. As such, CHF rallied in tandem with JPY, adding more evidence to the argument that carry trade dynamics that dominated much of this year's currency trade are start to reverse.
  • Antipodean currencies extends their recent spell of weakness, with added losses for industrial metals weighing further. AUD/USD's brief break below the 0.6587 200-dma was only saved by a turnaround for the greenback, as a bull-steepening of the US curve and outperformance in the short-end weighed on the dollar.
  • Focus Thursday turns to Germany's IFO print for July, weekly jobless claims data from the US and the advanced Q2 GDP release. Both ECB's Nagel and ECB's Lagarde are set to speak.
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