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

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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 Outlook Remains Constructive

FOREX
  • The USD outlook remains constructive, with European hours seeing some modest greenback buying against most other majors. EUR/USD and GBP/USD have been dragged off the overnight highs of 1.1875 and 1.3905 respectively, as markets also took the opportunity to keep the equity uptrend in tact. The e-mini S&P is already gravitating toward the alltime highs posted late Monday.
  • Antipodean currencies continue to trade favourably, with the AUD and NZD among the strongest in G10 so far. Moves come ahead of the RBNZ rate decision due overnight, at which the bank are expected to open up the possibility of policy tightening to head off any simmering overheating pressures.
  • CNH is firmer for a third consecutive session, with USD/CNH back below the 100-dma at pixel time. A break below 6.4586 would open further losses for the pair, with the 6.4354 level the next downside target.
  • The June US CPI release is expected to slow slightly from the previous, with consensus seeing 0.5% M/M (Prev. 0.6%) and 4.9% Y/Y (Prev. 5.0%).
  • Separately, the Fed are holding an event discussing racism and the economy from 1700BST/1200ET onwards. Fed's Kashkari, Bostic and Rosengren are due to appear.
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