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Quotes from Societe Generale Cross Asset Research:

-The standout overnight data come from China, were trade numbers are incredibly good; the trade surplus jumped to $15.25bn, on the back of extremely strong export growth. Taking Jan/Feb together to take out the effects of the Lunar New Year, we see export growth of 23.6% y/y, while imports grew by just 5%. The Chinese data are entirely inconsistent with trends in the region, but even so, the effect has been to buoy sentiment.

-A side-effect of data which show China gaining market share in global trade at the expense of its neighbours however, is increased cause for the rest to want weaker currencies. USD/JPY has broken through the top of its recent trading range, above 95 before the US payroll data. We have reached our Q1 target; look for 97 by mid-year, 100 by end-year and 110 as the final destination in 2014.


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