Data from China have reduced the demand for defensive assets
Today was published the data on the trade balance of China, according to which the surplus totaled 29.9 billion dollars against forecasted 30.2 billion dollars. But on the other hand, a positive has become export growth of 11.5% that was the first increase after eight months of decline. The average export growth forecast was 8.5%. Imports decreased by 7.6%, after falling by 13.8% in February. This fact reduces the risks for the growth of the global economy that leads to a decrease in demand for defensive assets like the yen and gold. Our medium-term outlook for the yen remains negative and we are waiting for a decline in the near future.
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