13 Jan 2015
China’s Dec trade report eyed - Westpac
FXStreet (Bali) - China’s Dec trade report is the key event in Asia today, notes Sean Callow, FX Strategist at Westpac.
Key Quotes
"China’s Dec trade report is due today (around 1pm Syd/10am local, sometimes a little late). The trade surplus is likely to remain huge (median $49bn versus $54.5bn in Nov), supported by weakness in commodity prices which cuts the value of imports (expected to be close to Nov’s -6.7% y/y reading). The volume of imports is more open to debate; it probably held up fairly well. Exports will be noted closely as always (median 6.0% y/y after 4.7% y/y in Nov). The lower than expected USD/CNY fixing on Monday is being taken as a hint of another strong reading today. Australia’s calendar is quiet. Japanese markets reopen from their long weekend, with Nov trade data due."
Key Quotes
"China’s Dec trade report is due today (around 1pm Syd/10am local, sometimes a little late). The trade surplus is likely to remain huge (median $49bn versus $54.5bn in Nov), supported by weakness in commodity prices which cuts the value of imports (expected to be close to Nov’s -6.7% y/y reading). The volume of imports is more open to debate; it probably held up fairly well. Exports will be noted closely as always (median 6.0% y/y after 4.7% y/y in Nov). The lower than expected USD/CNY fixing on Monday is being taken as a hint of another strong reading today. Australia’s calendar is quiet. Japanese markets reopen from their long weekend, with Nov trade data due."