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The ECB: So Much Flexibility and So Little to Do

March 06, 2021
The ECB meeting is the most important calendar event in the week ahead.  It is true that the US reports February CPI figures, but the base effect surge begins with the March reading.  Still, headline inflation will likely be lifted by rising food and energy prices.  The core rate has been flat for the past two months, and a small rise should not b…
The ECB: So Much Flexibility and So Little to Do The ECB:  So Much Flexibility and So Little to Do Reviewed by Marc Chandler on March 06, 2021 Rating: 5
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Markets Unsettled, Dollar Rides High

March 05, 2021
Overview: The combination of OPEC+ decision not to boost output next month and Fed Chair Powell's seemingly lack of concern about the level of long-term rates pushed on a door that was already open.  Oil is higher, yields are higher, most equity markets are lower, and the dollar has surged.  The S&P 500 is practically flat for the year aft…
Markets Unsettled, Dollar Rides High Markets Unsettled, Dollar Rides High Reviewed by Marc Chandler on March 05, 2021 Rating: 5
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OPEC+ and Powell are Awaited

March 04, 2021
Overview:  Equities are under pressure following yesterday's sharp losses in the US.  The MSCI Asia Pacific Index suffered its biggest decline of the week today as Japanese, Chinese, and Hong Kong benchmarks slid by more than 2%.  The Dow Jones Stoxx 600 Index in Europe is buckling under the pressure and is posting its first decline of the wee…
OPEC+ and Powell are Awaited OPEC+ and Powell are Awaited Reviewed by Marc Chandler on March 04, 2021 Rating: 5
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Trilateralism: The Past is Prologue

March 03, 2021
Intercapitalist rivalries ebb and flow and shaped modern history more than many may realize. Recall that Nixon unilaterally severed the dollar's last ties to gold, not because of the Soviet Union.  America's capitalist allies in Europe demanded gold for their dollars, accumulating from aid, foreign direct investment, and trade. A couple ye…
Trilateralism: The Past is Prologue Trilateralism:  The Past is Prologue Reviewed by Marc Chandler on March 03, 2021 Rating: 5
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The US Dollar Finds Footing (Again)

March 03, 2021
Overview:  Equities have more stable footing today, despite yesterday's losses in the US, as the relative stability in the bond markets bolster risk-appetites. Led by a 2.7% rally in Hong Kong, which matches its largest advance of the year, Asia Pacific markets all advanced.   Europe's Dow Jones Stoxx 600 is up for the third consecutive se…
The US Dollar Finds Footing (Again) The US Dollar Finds Footing (Again) Reviewed by Marc Chandler on March 03, 2021 Rating: 5
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The Dollar Finds Better Footing

March 02, 2021
Overview: A warning from China's top banking regulator about the frothiness of foreign markets appeared to blunt the knock-on effect of yesterday's largest rise in the S&P 500 since last June (~2.4%) and weighed on global equities.  The large markets in the Asia Pacific region but India and South Korea fell.  Europe's Dow Jones Sto…
The Dollar Finds Better Footing The Dollar Finds Better Footing Reviewed by Marc Chandler on March 02, 2021 Rating: 5
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March Monthly

March 01, 2021
The investment climate is changing.  The reflation trade has gained traction.  Bond yields rose sharply, and curves steepened.  The dollar value of the negative-yielding bonds in the world fell from a peak last December of around $18.4 trillion to $12.6 trillion, the least since last July.    Commodity prices continue to move higher.  The CRB Inde…
March Monthly March Monthly Reviewed by Marc Chandler on March 01, 2021 Rating: 5
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