Trade data for July coming up from Japan today, due at 2350GMT

  • Trade balance: expected is Y -53.0bn, prior was Y -70.5bn
  • Trade balance (adjusted): expected is Y -158.6bn, prior was Y -251.7bn
  • Exports y/y: expected is +5.2%, prior was +9.5%
  • Imports y/y: expected is -8.2%, prior was -2.9%

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Although I am probably more hopeful than actually expecting this ... the data may have some inpact on FX.

There is market concern on the fading of Japanese exports so that figure will be a focus today. For example, Monday we got the GDP data for Q2, where exports weakened ...and indeed, "There was nothing good in today's GDP data"

A better than expected export figure today should be yen supportive, while a worsening will bring forth renewed calls for stimulus action, perhaps more BOJ easing. Stay tuned for 2350GMT!

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Later, due at 0430GMT we'll get the All Industry Activity Index for June,

  • then at 0500 Leading and Coincident indexes for June (final)
  • then at 0530 data for Department Store Sales (July),
  • followed at 0600GMT with Machine Tool Orders (July, final)