MNI China Daily Summary: Thursday, December 12

RPT-MNI BOC WATCH: More Gradual Approach Seen After 50BP Cut

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USDMXN A Touch Softer Ahead of Key Event Risk

MEXICO
  • The peso has extended a short-term bounce Wednesday morning, which sees USDMXN edge towards initial support at 17.0566, the Jan 22 low, as we approach the plethora of US data and the FOMC January meeting. On the local docket, Mexico’s central bank releases net outstanding loans data for December at 9am. Loans reached 5.99 trillion pesos the month before.
  • Weaker-than-expected GDP data on Tuesday opens the door for Banxico to potentially adopt a more dovish stance at its Feb 8th monetary policy meeting. Despite the softer print, deputy finance minister Yorio stated the slowdown does not affect the budget for 2024. Furthermore, Itaú expect activity to continue to grow at an above trend growth of 2.8% in 2024, supported by an expansive fiscal stance with benefits from nearshoring also supporting activity this year.
  • US ADP kicks off the US docket before ECI and the Treasury Quarterly Refunding Announcement. The MNI Chicago PMI rounds off the data docket. Focus then swiftly turns to the Jan FOMC decision. While no change is expected on rates, there is a good chance that the forward guidance will be amended to remove the tightening bias in favour of a more neutral stance, in light of recent disinflationary progress.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

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.