Stocks, USDJPY Plunge After Dismal China Trade Data
Following an unexpected plunge in China’s trade balance (to 6 month lows), US equity futures and USDJPY are tumbling as Yuan turmoil ripples through markets once again.
Misses across the board in China trade data…
- China Yuan Exports -5.6% YoY (exp. +2.5%)
- China Yuan Imports +2.2% YoY (exp. +5.5%)
- China Trade Balance 278.35bn (exp. 364.5bn)
- China USD Exports -10.0% (exp. -3.3%)
- China USD Imports -1.9% (exp. +0.6%)
- China USD Trade balance 41.99bn (exp. 53.00bn)
*CHINA TRADE STILL FACES GREAT UNCERTAINTIES: CUSTOMS’ HUANG
Sparked chaotic trading in Yuan as offshore selling pressure accelerated post Golden Week…
And spread to USDJPY and implicity US equity futures…
USDJPY dropped a whole big figure erasing the gains of the day…
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