- China trade balance for January: $ 31.9bn (expected +$23.45bn, prior was $25.64bn)
- Exports for January: 10.6% y/y (expected +0.1% y/y, prior was +4.3% y/y)
- Imports for January: 10.0% y/y (expected +4.0% y/y, prior was +8.3% y/y)
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- China imported a record 28.16 million metric tons of crude oil in January–equivalent to 6.66 million barrels a day
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- AUD/USD pops on the much better than expected trade balance.
- Exports up hugely above expectations … Imports above expectations also
- 0.9047/52 quoting now
AUD/USD orderboard is here – sellers around 50
Twitter afire with chatter of ‘fabricated’ data. Exports in % change terms are two orders of magnitude higher than Bloomberg survey expectations. No-one is perfect … but 2 orders of magnitude higher??? … hmmmm.
Nothing new, though. Traders running with it, when the dust settles there will be questions asked.
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ADDED: China January trade balance monster blowout in exports – analysts quick reactions
