USDJPY TECHS

Attention Remains On The Bear Channel Top

EURGBP TECHS

Approaching Key Support

GBPUSD TECHS

Pulls Back From Key Resistance

EURUSD TECHS

Sell-Off Extends

EQUITIES

European Stocks Edge Higher

COMMODITIES

WTI, Brent Deflated

         Exports    Y/Y  Imports    Y/Y  Balance      Y/Y  YTD Balance      Y/Y
-------------------------------------------------------------------------------
           Bln $  % chg    Bln $  % chg    Bln $    % chg        Bln $    % chg
2020
May        13.26   11.1    12.47   -5.4     0.79   -163.2         -7.9    -21.6
Apr        13.66   33.0    14.74   -5.1    -1.08    -79.5         -8.7     -1.7
Mar        12.58   -1.4    14.76    4.8    -2.19     65.5         -7.7    111.5
Jan-Feb    17.04     na    22.51     na    -5.47    221.9         -5.5    137.9
2019
Dec        12.38   -3.4    16.33   16.4    -3.95    226.4        -28.3    -14.0
Nov        12.89   -7.8    15.29    0.0    -2.40     83.2        -24.4    -23.1
Oct        11.63   -7.8    14.14   -7.3    -2.51     -4.9        -22.0    -27.7
Sep        12.86   -5.0    15.16   -6.7    -2.30    -15.4        -19.4    -29.9
Aug        11.75    1.5    14.37   -8.8    -2.62    -37.2        -17.1    -31.5
Jul        12.08   -4.1    14.59  -13.1    -2.51    -40.1        -14.5    -30.3
Jun        12.13    2.4    14.00   -5.0    -1.87    -35.3        -12.0    -27.9
May        11.93    0.5    13.18  -15.9    -1.25    -67.2        -10.1    -26.3
Apr        10.27  -16.4    15.54    1.4    -5.27     73.4         -8.9    -10.7
Mar        12.76    9.6    14.08  -14.1    -1.32    -72.2         -3.6    -47.6
Feb         9.39   -9.5    11.09    0.2    -1.70    142.9         -2.3      6.5
Jan        13.15    5.6    13.75   -1.2    -0.60    -58.9         -0.6    -58.9
2018
Dec        12.82   -1.0    14.03  -11.4    -1.21    -58.1        -32.9     16.2
Nov        13.98    4.7    15.29   -1.3    -1.31    -38.9        -31.7     24.7
Oct        12.62    8.1    15.26   11.4    -2.64     30.0        -30.4     30.5
Sep        13.53   14.4    16.25    3.1    -2.72    -30.8        -27.7     30.6
Aug        11.58    3.8    15.75   10.5    -4.17     35.0        -25.0     44.5
Jul        12.59   12.3    16.78   23.5    -4.19     76.1        -20.8     46.6
Jun        11.85    6.9    14.74    0.6    -2.89    -18.8        -16.7     40.6
May        11.87   10.1    15.68   22.5    -3.81     88.6        -13.8     66.2
Apr        12.28    9.5    15.32   17.1    -3.04     62.6        -10.0     58.9
Mar        11.64   -3.6    16.39   16.0    -4.75    131.7         -6.9     57.4
Feb        10.37   31.3    11.07  -10.5    -0.70    -84.3         -2.2     -7.7
Jan        12.45    1.5    13.91   37.3    -1.46   -168.5         -1.5   -168.5
2017
Dec        12.95   14.9    15.84    6.0    -2.89    -21.5        -28.3     77.0
Nov        13.35    9.4    15.49   13.5    -2.14     47.8        -25.4    106.5
Oct        11.67    5.3    13.70   13.4    -2.03    103.0        -23.3    114.4
Sep        11.83    0.0    15.76   17.8    -3.93    153.5        -21.2    115.5
Aug        11.16    1.1    14.25    9.8    -3.09     59.3        -17.3    108.4
Jul        11.21    6.6    13.59   12.3    -2.38     50.1        -14.2    123.4
Jun        11.09    5.5    14.65   17.5    -3.56     81.6        -11.8    147.7
May        10.78    3.7    12.80   13.1    -2.02    119.6         -8.3    193.6
Apr        11.21   13.3    13.08    6.9    -1.87    -20.1         -6.3    229.5
Mar        12.08    8.4    14.13   13.6    -2.05     57.7         -4.4  -1097.7
Feb         7.90   -7.8    12.37   39.5    -4.47   1390.0         -2.3   -234.5
Jan        12.26    9.2    10.13   10.2     2.13      4.4          2.1      4.4
2016
Dec        11.27   -5.6    14.95   10.5    -3.68    131.4        -16.0    123.9
Nov        12.20    3.2    13.65   17.2    -1.45   -952.9        -12.3    121.7
Oct        11.08   -3.2    12.08    5.4    -1.00   9900.0        -10.9     89.8
Sep        11.83   -7.0    13.38    6.4    -1.55  -1207.1         -9.9     72.6
Aug        11.04    0.4    12.98   13.3    -1.94    321.7         -8.3     42.0
Jul        10.52   -5.2    12.11   -4.6    -1.59     -0.3         -6.4     18.1
Jun        10.51   -3.0    12.47    0.0    -1.96     19.5         -4.8     25.8
May        10.40   -5.6    11.32    4.0    -0.92   -808.5         -2.8     30.6
Apr         9.90  -11.8    12.24   -6.7    -2.34     23.4         -1.9    -17.0
Mar        11.14    9.2    12.44   -3.1    -1.30    -50.8          0.4   -212.8
Feb         8.57  -20.1     8.87   -6.3    -0.30   -124.0          1.7    -22.7
Jan        11.23   -5.9     9.19  -16.0     2.04    104.0          2.0    104.0
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--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com
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