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MNI China Daily Summary: Thursday, December 12
Weaker Metals/Equity Slump Drives Near 2.5% Correction
The AUD was the worst performer within the G10 basket through Thursday's session. AUD/USD lost around 2.4%, currently sitting at 0.6700, slightly up from NY session lows of 0.6677. From a technical standpoint, we have breached the 20-day EMA at 0.6728, while the 100-day comes in at 0.6696, very close to current spot levels. A break below the 50-day, which is at 0.6658, may signify a deeper correction for the AUD.
- A$ sentiment was hit by broad USD gains, the BBDXY up nearly 1%, while commodity prices faltered, particularly in the base metal space. The aggregate Bloomberg commodity index fell by 0.66%, but the base metals sub-index lost just over 2%.
- ECB rhetoric was hawkish as they hiked by 50bps. EU related yields surged, but EUR/USD still finished weaker, albeit outperforming the G10. A number of other central banks also delivered hikes.
- US data was also on the softer side, but this appeared to add to the risk off mood in equities rather than denting USD sentiment. Major equity indices were weaker across the board. The VIX is back closer to 23%.
- On the data front today we have the preliminary PMI readings for December.
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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.