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BofA: Exports - Green Shoots Or Just Base Effects?

ASIA FX

Bank of America note that “Asia export data surprises have turned mildly positive, partly driven by better technology related exports.”

  • “Is this any early sign of recovery in Asia's export cycle that could support Asia FX going into year-end?”
  • “We suspect not, partly because of the offsetting impact of the recent rise in oil prices, but also some of the leading indicators for exports (China credit impulse, shipment-inventory, new export orders) are far from conclusive.”
  • “We stay bearish Asia FX, especially TWD given positive carry, less policy risk and lifer flow dynamics.”
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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