Market consensus was for a Trade Balance figure of -0.25T compared with a previous of -0.04T and we ended up with a -0.10T result, somewhat better than expected. The USD/JPY has traded down to a new low for today of 98.52 after the release of the data, but this wasn’t a huge stretch considering USD/JPY has been confined to a less than exciting 20 point range this morning. The JPY crosses have also just seen new lows for Wednesday as the JPY strengthens a little.
