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GBPUSD TECHS

Gains Considered Corrective

FED

Reverse Repo Operations

FED

Plenty To Talk About On Taper

EURUSD TECHS

Needle Still Points South

COMMODITIES

Oil Holds Close to Highs, Recovery Secured

      Exports    Y/Y  Imports    Y/Y  Balance    Y/Y  YTD Balance    Y/Y
------------------------------------------------------------------------
        Bln $  % chg    Bln $  % chg    Bln $  % chg        Bln $  % chg
2017
Dec     41.76   12.7    16.21    5.7    25.55   17.6        277.9    9.3
Nov     42.10   14.3    14.23    4.2    27.87   20.3        252.4    8.5
Oct     37.75    8.1    11.14    4.3    26.61    9.7        224.5    7.2
Sep     40.94   13.8    12.72   14.3    28.22   13.5        197.9    6.9
Aug     39.20    8.4    13.03   18.6    26.17    4.0        169.7    5.8
Jul     37.34    8.5    12.11   24.2    25.23    2.3        143.5    6.2
Jun     37.85   19.7    12.45   14.7    25.40   22.3        118.3    7.1
May     35.23   11.7    13.22   27.0    22.01    4.2         92.9    3.5
Apr     32.92   11.7    11.57    1.5    21.35   18.2         70.9    3.3
Mar     32.52   19.7    14.78   15.1    17.74   23.9         49.5   -2.0
Feb     21.72   -4.2    11.29   37.9    10.43  -28.0         31.8  -12.2
Jan     33.78    6.2    12.41   23.4    21.37   -1.7         21.4   -1.7
2016
Dec     37.06    5.1    15.33   -3.3    21.73   11.9        254.3   -2.4
Nov     36.82    6.9    13.66    9.8    23.16    5.3        232.6   -3.5
Oct     34.93   -5.6    10.68   -6.9    24.25   -5.0        209.4   -4.4
Sep     35.99   -8.1    11.13  -11.8    24.86   -6.3        185.2   -4.3
Aug     36.16   -0.2    10.99   -3.8    25.17    1.4        160.3   -4.0
Jul     34.41   -2.0     9.75  -23.2    24.66   10.0        135.2   -5.0
Jun     31.62  -10.4    10.85  -12.7    20.77   -9.1        110.5   -7.8
May     31.53  -12.0    10.41  -10.3    21.12  -12.8         89.7   -7.4
Apr     29.46   -9.3    11.40  -11.8    18.06   -7.6         68.6   -5.7
Mar     27.16    9.0    12.84   -2.8    14.32   22.3         50.6   -4.9
Feb     22.67  -23.1     8.19  -14.2    14.48  -27.4         36.2  -12.6
Jan     31.81   -9.9    10.06  -27.0    21.75    1.0         21.8    1.0
2015
Dec     35.27   -3.7    15.85   -0.8    19.42   -6.0        260.5    9.9
Nov     34.44   -5.3    12.44   -6.4    22.00   -4.7        241.1   11.5
Oct     37.00   -0.9    11.47    3.6    25.53   -2.9        219.1   13.4
Sep     39.15    6.8    12.62   -8.9    26.52   16.2        193.6   16.0
Aug     36.25   -1.0    11.43   -5.8    24.82    1.5        167.0   15.9
Jul     35.13   -1.3    12.70   -4.8    22.43    0.7        142.2   18.9
Jun     35.29   12.0    12.43    7.3    22.86   14.7        119.8   23.0
May     35.82    7.8    11.61   -3.7    24.21   14.3         96.9   25.2
Apr     32.48    3.1    12.93   -7.2    19.55   11.3         72.7   29.3
Mar     24.92   -8.0    13.21   -4.8    11.71  -11.4         53.2   37.4
Feb     29.48   48.4     9.55  -25.8    19.93  185.1         41.5   62.7
Jan     35.31    4.7    13.78   -9.5    21.53   16.4         21.5   16.4
2014
Dec     36.63    9.9    15.97    3.0    20.66   15.8        237.0    9.8
Nov     36.38    2.6    13.29    1.8    23.09    3.0        216.3    9.2
Oct     37.35   10.9    11.07    2.2    26.28   15.0        193.2   10.0
Sep     36.67   10.8    13.85   12.7    22.82    9.6        166.9    9.3
Aug     36.60   11.4    12.14   -3.2    24.46   20.4        144.1    9.2
Jul     35.61   12.3    13.34    6.0    22.27   16.5        119.6    7.2
Jun     31.51    7.5    11.58   -1.9    19.93   13.9         97.4    5.2
May     33.24    6.3    12.05    1.1    21.19    9.5         77.4    3.2
Apr     31.50   12.0    13.94    3.6    17.56   19.7         56.3    1.0
Mar     27.09    1.2    13.88  -11.6    13.21   19.6         38.7   -5.6
Feb     19.86  -11.3    12.87   33.4     6.99  -45.2         25.5  -14.9
Jan     33.71   10.7    15.22   14.8    18.49    7.5         18.5    7.5
--MNI Beijing Bureau; tel: +86 (10) 8532-5998; email: beijing@mni-news.com
--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com
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