Mohamed A. El-Erian
@elerianm
Rene M Kern Prof of Prac at Wharton. Allianz Advisor. Gramercy Chair. Chair of UnderArmour Board. Former Pimco CEO/co-CIO and President of Queens' Col Cambridge
1.2K Following 1M Followers
More on the Yen:
Per the @FT: "The US Treasury intervened in yen exchange rates on Friday, marking the first time Tokyo and Washington joined forces to support the Japanese currency via outright purchases in nearly 30 years.
The Federal Reserve Bank of New York undertook the unusual move of conducting a sale of euros to buy yen on behalf of the Treasury, according to three people familiar with the matter."
#economy# #markets# #yen# #japan# #fx# #currency#
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Striking Chinese trade data out this morning, including:
Annual export growth jumped to 27% in June, up from 19% in May and well above the consensus forecast of 18%. This marks the fastest annual pace of export growth since October 2021.
Shipments to the US continue to recover, climbing 14%.
Exports to Europe rose 18%, while exports to Southeast Asia soared by 35%.
Imports surged by 36%, the highest since June 2021, outpacing May’s 27%, and beating expectations of 24%.
Remarkably, this growth occurred despite a 41% drop in oil imports.
Trying to make sense of all this given what is happening in both the domestic and global economies!
#economy# #markets# #china# #trade#
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