Thailand customs trade figures were better than expected for export and import growth in Jan. Exports rose 13.6%y/y, versus 7.4% forecast and 8.7% prior. Imports were also comfortably above forecasts at 7.9%, (2.5% projected and 14.9% prior). The trade deficit was slightly wider than forecast at -$1880mn (-$1500mn was forecast and -$11mn was the Dec outcome).
Fig 1: Custom Thailand Trade Deficit Persists
Source: MNI - Market News/Bloomberg
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The Aussie 10-yr futures contract continues to trade below the Dec 11 high of 95.851, and has traded through the Dec low. A stronger bearish theme would expose 95.275, the Nov 14 low and a key support. Clearance of this level would strengthen a bearish theme. For bulls, a confirmed reversal and a breach of 95.851, the Dec 11 high, would instead reinstate a bull cycle and refocus attention on resistance at 96.207, a Fibonacci retracement point.
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Note to readers: MNI’s separate preview of sell-side analyst summaries to follow on Monday Jan 27
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