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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI China Daily Summary: Wednesday, December 11
USD Off Highs
USD upside momentum has cooled somewhat during the afternoon session. Within the G10 space, all currencies are away from worst levels against the USD. The DXY is back to around 110.50, versus earlier highs of 110.70. USD/JPY hit a high just shy of 144.40, but we are now back sub 144.00. The market is likely to be wary of further rhetoric from the authorities around FX over coming sessions.
- EUR/USD has edged back up towards 0.9900, headlines that Norway is open to an EU gas price cap likely helping at the margin. The pair is nearly back to unchanged for the session.
- The Fed's Barkin said in an interview with the FT that his bias is to move quickly on rates and that real rates need to above zero and stay there. We hear from Barkin again during the US session, along with a host of other Fed speakers, see below.
- US yields have been steady for the most part, with the 2yr not drifting too far away from 3.50%. Equities are in the red for Asia Pac markets, while US futures are lower but away from session lows.
- AUD/USD has held above 0.6700. Q2 GDP showed the economy maintains solid momentum. China trade figures were disappointing, although iron ore import volumes still rose over 5% in August. Corporate related demand for the A$, related to dividend inflows, may be driving some demand at lower levels.
- NZD/USD has underperformed, dipping sub 0.6000 for the first time since 2020, although we are now back above this level.
- Looking ahead, U.S. trade balance data, weekly mortgage applications, and the Fed’s Beige Book will cross later in the NY session, with Fedspeak from the Fed’s Barkin (‘24 voter), Mester (voter), and Brainard (voter) in focus. The BoC decision is also due, with the market looking for a 75bps hike (taking the policy rate to 3.25%).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.