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/MXN Narrows Gap to YTD Highs, EUR/MXN Approaches 200-DMA

MXN
  • Greenback strength and slightly higher US yields since the start of European trade are weighing on the Mexican peso, as well as the wider EM FX basket. USDMXN is up 0.55% on the day at typing, narrowing the gap to last week’s YTD highs at 17.3860.
  • The move higher last week resulted in a test of the 200-DMA, which USDMXN has not closed above since mid-November. That average intersects today at 17.3623. A break could signal scope for a sustained move higher toward the Dec 05 high of 17.5653 and signal a stronger reversal of the broader downtrend.
  • Similarly, EURMXN is up 0.58%, above the 50-day EMA and approaching the 200-DMA at 18.8212. The average has been tested a number of times over the past ~3 months, though the cross has failed to make a close above it.
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