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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US
South Korea's first 20-days trade data for October continues to suggest a fairly resilient US growth backdrop, at least at face value. Exports rose to US +12.7 y/y in the first 20-days of October. This was down from the heady +30.5% pace seen in September (first 20-days). Nevertheless, the trend still looks to be improving.
- The chart below shows the 2 month moving average of exports to the US, against the y/y change in the US ISM index.
- The improvement in exports is consistent with further improvement in the ISM, which could take us back above the 50.0 expansion/contraction point.
- Note the correlations between the two series are lower, back to around 45% for the past 3 year. We were above 60% back in early 2022.
Fig 1: South Korean Exports To The US & US ISM Print
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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