US exports and imports both advanced in September, suggesting better global demand. Exports rose more than 4% on the month but it’s curious that Sept-Oct manufacturing PMIs don’t reflect that kind of improvement.
Others are also noting the dramatic fall in Japanese exports to the US (-15%) in September as a sign that USD/JPY should be rising. In my mind, there are many reasons USD/JPY should be rising, including overnight estimates that the total cost of the Fukishima clean-up could be $125 billion.
