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Great Graphic: European Taxes and the Division of the Social Pie Great Graphic:  European Taxes and the Division of the Social Pie Reviewed by Marc Chandler on September 30, 2012 Rating: 5
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FX Positioning and Technical Outlook: Stronger USD Ahead

September 29, 2012
If the third quarter was about the reduction of tail-risk by official actions, then Q4 will be about the limitations of the policy response. It will pose a challenging investment climate after what turned out to be a favorable performance in Q3. Equities generally did well. The US S&P 500 rose 5.75% in Q3. 

The Dow Jones Stoxx 600 rose 6.…
FX Positioning and Technical Outlook: Stronger USD Ahead FX Positioning and Technical Outlook:  Stronger USD Ahead Reviewed by Marc Chandler on September 29, 2012 Rating: 5
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Ten Observations as the Week Winds Down

September 28, 2012
The US dollar is going into month and quarter end on a soft note.  The greenback had been generally firm against most of the major foreign currencies, but the Japanese yen, since around mid-month, but the news stream appears to have turned against it.  Yesterday the euro traded in both sides of Wednesday's range and closed near the highs.  Th…
Ten Observations as the Week Winds Down Ten Observations as the Week Winds Down Reviewed by Marc Chandler on September 28, 2012 Rating: 5
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Great Graphic: Gold in Different Currencies

September 27, 2012
Here is a Great Graphic I saw on marketoracle.co.uk, which picked it up from Scott Barber at Thomson Reuters.  It depicts the price of gold in a number of different currencies, including the dollar since the start of 2007.  Over this period, the price of gold has appreciated 175% in dollar terms.  
There are a couple of interesting observations. …
Great Graphic: Gold in Different Currencies Great Graphic:  Gold in Different Currencies Reviewed by Marc Chandler on September 27, 2012 Rating: 5
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Short Note on Market Developments

September 27, 2012
The US dollar is broadly mixed in choppy turnover in the foreign exchange market.  There are four main considerations today.  First is the month-end flows and portfolio adjustments.  They are broadly thought to be negative for the Swedish krona and euro and dollar and sterling positive.  
Second, is the string of European data.  In the euro zone …
Short Note on Market Developments Short Note on Market Developments Reviewed by Marc Chandler on September 27, 2012 Rating: 5
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QE+ Projections: Where does it End?

September 27, 2012
While many participants continue to focus on developments in Europe as the key driver in the foreign exchange market and the broader capital markets, they continue to wrestle with the implications of QE+.  The open-ended nature is conditioned a substantial and sustained improvement in the labor market.  Many observers are trying link this to a pa…
QE+ Projections: Where does it End? QE+  Projections:  Where does it End? Reviewed by Marc Chandler on September 27, 2012 Rating: 5
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A Few Observations about Europe on Hump Day

September 26, 2012
Two main forces seem to be at work in the global capital markets.  The first is the month-end and quarter-end portfolio adjustments.  The second is a new deterioration of the situation in Europe, led by Spain and Greece.  These forces are combining and weighing on risk-assets in general and European peripheral bonds in paticular.
This is not to m…
A Few Observations about Europe on Hump Day A Few Observations about Europe on Hump Day Reviewed by Marc Chandler on September 26, 2012 Rating: 5
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Sterling's Resilience: Agriculture Subsidies?

September 26, 2012
Sterling has been resilient.  At the end of last week, sterling traded at new highs for the year against the dollar, briefly pushing through the $1.63 level.  It is trading about 2% above the multi-year high recorded against the euro in late July.  On the BOE's broad trade-weighted measure, sterling has appreciated about 4% this year.  This pe…
Sterling's Resilience: Agriculture Subsidies? Sterling's Resilience:  Agriculture Subsidies? Reviewed by Marc Chandler on September 26, 2012 Rating: 5
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Switzerland: Recycling Distortions

September 25, 2012
We have argued that the recycling of private sector surplus from the northern countries in the euro area to the southern debtors is the key mechanism that has broken down and causing a disruption in the transmission of the ECB's monetary policy. The upward pressure on the Swiss franc emanates from the same source.
The private sector is not …
Switzerland: Recycling Distortions Switzerland:  Recycling Distortions Reviewed by Marc Chandler on September 25, 2012 Rating: 5
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Nervous Calm Leaves Greenback Mixed

September 25, 2012
The US dollar is decidedly mixed, gaining against the euro, Swiss franc, and the Canadian and Australian dollars compared with yesterday's New York close, but lower against sterling, the yen (for the fifth day), and New Zealand dollar about half way through the 24 hour session.  While the MSCI Asia-Pacific Index eked out a marginal gain, the …
Nervous Calm Leaves Greenback Mixed Nervous Calm Leaves Greenback Mixed Reviewed by Marc Chandler on September 25, 2012 Rating: 5
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Great Graphic: Euro Zone PMI and GDP

September 25, 2012
This Great Graphic comes fromThomson Reuters Macroscope blog by Andy Bruce.  It shows how well the euro area composite PMI from Markit tracks the region's GDP.   It does a reasonably good job.  
However, the PMI typically has greater amplitude than GDP.  Both on the upside and downside, the composite PMI tends to be greater than GDP.  
The bl…
Great Graphic: Euro Zone PMI and GDP Great Graphic:  Euro Zone PMI and GDP Reviewed by Marc Chandler on September 25, 2012 Rating: 5
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Geopolitics and the Dollar

September 24, 2012
The confrontation with Iran is widely perceived as the most worrisome geopolitical event on the horizon. It is difficult to assess the odds of overt action. Intrade.com shows about a 29% chance of a US or Israeli strike before the end of the year. The general perception is that nothing happens before the US elections. The odds of a strike befo…
Geopolitics and the Dollar Geopolitics and the Dollar Reviewed by Marc Chandler on September 24, 2012 Rating: 5
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Great Graphic: Demographics and Stocks

September 24, 2012
This Great Graphic comes from Joshua M Brown's Reformed Broker Blog. He says he got it from David Wilson who got it from Citi. 
On a log scale, it plots the S&P 500 and the number of Americans aged 35-39 at mid-year.  The implication is clear.  The size of this cohort is projected to increase over the next 17 years as a result of those th…
Great Graphic: Demographics and Stocks Great Graphic: Demographics and Stocks Reviewed by Marc Chandler on September 24, 2012 Rating: 5
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Drivers in the New Week

September 24, 2012
The US dollar is firm to start the new week, except against the Japanese yen,  amid a general risk-off tone.  Against most of the major currencies, with sterling being the chief exception, the dollar has recouped the lion's share its post-QE3+ losses.  
The fifth consecutive decline in the German IFO did not help matters.  Talk that the ESM can…
Drivers in the New Week Drivers in the New Week Reviewed by Marc Chandler on September 24, 2012 Rating: 5
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Great Graphic: Lost Decade Ahead?

September 23, 2012
Here is a Great Graphic from Pew Research Center. It shows that median household income in the US has returned to roughly the level it was at in 1990.  
That is what is so irksome about pundit claims that Americans need to brace themselves for a "lost decade". They already are on their second lost decade.  Hello?
Given the stubbornly hi…
Great Graphic: Lost Decade Ahead? Great Graphic:  Lost Decade Ahead? Reviewed by Marc Chandler on September 23, 2012 Rating: 5
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FX Outlook and Positioning: Getting Tired?

September 22, 2012
The days ahead will help clarify whether the US dollar's somewhat firmer tone last week was simply corrective in nature, before a new leg lower, or the carving out of a bottom of a downtrend that began in June against most of the major currencies and July for the euro.    
The key may not lie with the economic data.  The important steps announ…
FX Outlook and Positioning: Getting Tired? FX Outlook and Positioning:  Getting Tired? Reviewed by Marc Chandler on September 22, 2012 Rating: 5
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Word Up on Prices

September 21, 2012
The US dollar is finishing the week on a soft note after generally recouping some QE/OMT losses in recent days.  The highlight is sterling, itself, has been fairly resilient this week and has recorded a new high for the year today, briefly moving above the $1.63 level in early European activity.   The proximate trigger remains elusive and the UK d…
Word Up on Prices Word Up on Prices Reviewed by Marc Chandler on September 21, 2012 Rating: 5
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What's Next for Greece and Why it is Important

September 21, 2012
There has been a dramatic shift of opinion regarding a Greek exit from the EMU.   As this chart from www.intrade.com shows that market perceives the chances of a country (presumably Greece) exiting EMU down to 15% from as high as 40% as recently as early August.   
It is at the lowest since the contract began trading in late Q1 2010.  While there…
What's Next for Greece and Why it is Important What's Next for  Greece and Why it is Important Reviewed by Marc Chandler on September 21, 2012 Rating: 5
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Great Graphic: European Unit Labor Costs

September 21, 2012
This Great Graphic comes from the FT Alphaville.  It was taken from SocGen's Cross Asset Research/Economics group and shows the development of unit labor costs in the euro area since 2000.  It shows improvement in the competitiveness of Greece, Portugal, Ireland and Spain.  
However, Italy has continued to move in the wrong direction.   That …
Great Graphic: European Unit Labor Costs Great Graphic:  European Unit Labor Costs Reviewed by Marc Chandler on September 21, 2012 Rating: 5
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Some Brief Thoughts on European Federalism

September 20, 2012
It is widely appreciated that Europe's monetary union is problematic because it was not accompanied by fiscal union.  Transfer payments are very limited.   At the end of the day, and despite what you may you may recall from geography classes, Europe is a political and historical construct.    It is the western peninsula of the great Euroasian…
Some Brief Thoughts on European Federalism Some Brief Thoughts on European Federalism Reviewed by Marc Chandler on September 20, 2012 Rating: 5
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Unwinding of Risk-On Continues

September 20, 2012
The unwinding of the recent risk-on plays continues today, sparked by three factors.  First, is another month with the Chinese PMI (HSBC flash) below the 50 boom/bust level at 47.8, up marginally from the 47.6, allows anxiety to continue to run high about the kind of landing the world's second largest economy is having.   Second, the euro zone…
Unwinding of Risk-On Continues Unwinding of Risk-On Continues Reviewed by Marc Chandler on September 20, 2012 Rating: 5
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Yen Strengthens Following QE

September 19, 2012
The yen has recouped all of the losses seen after the BOJ took several measures earlier, including extending its asset purchase program.  As we noted, the BOJ actions did not disappoint the market, and in fact by taking a number of measures and increasing the asset purchases by the upper end of expectations (JPY10 trillion), the BOJ may have been…
Yen Strengthens Following QE Yen Strengthens Following QE Reviewed by Marc Chandler on September 19, 2012 Rating: 5
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Dutch Politics Recapitulate Euro Area Debate

September 19, 2012
Dutch politicians continue to try to form a government. Since the end of WWII, it has taken the Netherlands about three months on average to form a government following a national election. After the last election in 2010, it took almost 130 days.

In some ways, the debate between the Liberal (41 seats of the 150 seat parliament) and the Labor…
Dutch Politics Recapitulate Euro Area Debate Dutch Politics Recapitulate Euro Area Debate Reviewed by Marc Chandler on September 19, 2012 Rating: 5
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Japan Today, Spain Tomorrow

September 19, 2012
The Bank of Japan did not disappoint and joined the ECB and Federal Reserve in taking new and non-traditional measures. The BOJ did practically everything that we outlined yesterday and justified its move by downgrading its assessment of the economy. 
It increased its asset purchase program by JPY10 trillion to JPY80 trillion. The new purchases …
Japan Today, Spain Tomorrow Japan Today, Spain Tomorrow Reviewed by Marc Chandler on September 19, 2012 Rating: 5
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Great Graphic: Taxes and Growth

September 18, 2012
This Great Graphic comes from David Leonhardt at the New York Times.   It shows the US growth with a fiive-year lag.  So, the charts ends with Q2 07 and shows that the average growth rate for the following five years has been 0.6%.  He overlayed the major changes in US tax policy.  
As an side note, Leonhardt notes that the economy was not in a s…
Great Graphic: Taxes and Growth Great Graphic:  Taxes and Growth Reviewed by Marc Chandler on September 18, 2012 Rating: 5
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Thoughts on Disinflationary Implications of China's Slowdown

September 18, 2012
Many observers see the open-ended commitments of the Fed and ECB as setting the stage for future inflation. Others retort that the output gaps remain sufficiently large that sustained price pressures are unlikely to be seen for some time.

The kind of inflation that excessive monetary easing would create is a demand shock as investors fearful of …
Thoughts on Disinflationary Implications of China's Slowdown Thoughts on Disinflationary Implications of China's Slowdown Reviewed by Marc Chandler on September 18, 2012 Rating: 5
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Will the BOJ Do Whatever it Takes ?

September 18, 2012
The ECB has promised dramatic action to save the euro.  The Federal Reserve has announced it will expand its balance sheet until well after the economy recovers.  Attention turns to the BOJ whose two-day meeting concludes on Wednesday.  The BOJ did increase the  size of its asset purchase program in February and April, but it has been generally r…
Will the BOJ Do Whatever it Takes ? Will the BOJ Do Whatever it Takes ?  Reviewed by Marc Chandler on September 18, 2012 Rating: 5
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Europe's Balance of Payments: What Capital Flight?

September 17, 2012
Understandably the euro area's balance of payments report released earlier today was overshadowed by the Fed's QE and ECB's OMT plans. Yet, there is important insight to be gleaned, especially from the financial account.

First, however, look at the turn around in the current account. In the 12-months through July, the euro area recor…
Europe's Balance of Payments: What Capital Flight? Europe's Balance of Payments:  What Capital Flight? Reviewed by Marc Chandler on September 17, 2012 Rating: 5
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Great Graphic: Contested Territory

September 17, 2012
This Great Graphic comes from an essay by Michael Klare in Foreign Affairs.  It puts the rising tensions between Japan and China in a larger regional context.    The tit-for-tat political maneuvering is spilling over into economics.  Not only have Chinese demonstrators attacked Japanese companies in the PRC, but some Japanese manufacturers are ta…
Great Graphic: Contested Territory Great Graphic:  Contested Territory Reviewed by Marc Chandler on September 17, 2012 Rating: 5
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Skepticism Due to Misdiagnosis

September 17, 2012
The US dollar is generally firmer in what appears to be a consolidative phase as the market digests last week’s developments and awaits fresh developments.  News of an unexpectedly large (10.6%) drop in Singapore’s August exports is seen as reflective of broader regional weakness.  The 2.1% decline of the Shanghai Composite, the most in ten weeks,…
Skepticism Due to Misdiagnosis Skepticism Due to Misdiagnosis Reviewed by Marc Chandler on September 17, 2012 Rating: 5
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Great Graphic: Education and Longevity

September 16, 2012
This Great Graphic comes from Economy Watch, which in turn got it from the Congressional Research Service and ultimately from On-Line College Courses.   It says nothing about financial costs of education or the problem with student loans.  It simply shows how education is correlated with longevity and suggests some reasons why this may be the cas…
Great Graphic: Education and Longevity Great Graphic:  Education and Longevity Reviewed by Marc Chandler on September 16, 2012 Rating: 5
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FX Positioning and Technical Outlook: Trend is Your Friend?

September 15, 2012
Nearly every development in recent days has been embraced by the foreign exchange market as a reason to continue to do what it has been doing since late July, and that is to sell the dollar.   

The German Constitutional Court ruling, allowing the European Stability Mechanism to go forward, which in turn bolsters the ECB's Outright Monetary Tra…
FX Positioning and Technical Outlook: Trend is Your Friend? FX Positioning and Technical Outlook:  Trend is Your Friend? Reviewed by Marc Chandler on September 15, 2012 Rating: 5
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Great Graphic: How Much Gas an Hour of Work Buys

September 14, 2012
This Great Graphic is from Thomson Reuters.  It shows how much gasoline can be bought with an hour of work at the average hourly wage in the US. 
In many ways, I think this is a critical, yet overlooked, measure of cost.  How long does one have to work to earn the money to purchase something?  I explored some of this in my book, Making Sense of t…
Great Graphic: How Much Gas an Hour of Work Buys Great Graphic:  How Much Gas an Hour of Work Buys Reviewed by Marc Chandler on September 14, 2012 Rating: 5
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Great Graphic: Italy's GDP

September 14, 2012
Here is a Great Graphic from the Wall Street Journal. It shows the poor record Italy has had since 2000 in generating growth.  What is does not show is that Italy still appears to be losing competitiveness.   Look at the August inflation numbers for a snap shot.  Italy's CPI is up 3.2% on a year-over-year basis.  This is the highest in the eu…
Great Graphic: Italy's GDP Great Graphic:  Italy's GDP Reviewed by Marc Chandler on September 14, 2012 Rating: 5
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It's not Simply QE3

September 14, 2012
The outcome of the FOMC meeting is not just a new round of quantitative easing. What the Fed announced represents a new chapter in its policy response. The first distinguishing aspect of its decision is the open-ended nature of it. While it has not indicated formal labor market targets, and indeed Bernanke shied away from such at his press conf…
It's not Simply QE3 It's not Simply QE3 Reviewed by Marc Chandler on September 14, 2012 Rating: 5
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Great Graphic: $2 Million a Day into Solar Energy

September 13, 2012
My brilliant webmaster just found this Great Graphic on the boom in residential solar energy. According to Green Tech Media investors are putting over $2 million dollars a day into residential solar energy through Clean Power Finance. 
This.

Is.

Insane. 
Solar energy has been a frequent topic on Marc to Market. Back in January we posted about the…
Great Graphic: $2 Million a Day into Solar Energy Great Graphic: $2 Million a Day into Solar Energy Reviewed by magonomics on September 13, 2012 Rating: 5
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Great Graphic: Still Feels Like Recession

September 13, 2012
This Great Graphic comes from Pew Research Center in a post by Rakesh Kochhar.  It raises an issue that seems to have been lost as policy makers and investors focus on the financial part, the circulation of capital, of the crisis.  It is an issue that we have argued and see at the crux of the matter:  Where will aggregate demand come from while h…
Great Graphic: Still Feels Like Recession Great Graphic:  Still Feels Like Recession Reviewed by Marc Chandler on September 13, 2012 Rating: 5
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FOMC: Gold, Dollar and the S&P 500

September 13, 2012
There are too many moving parts for the outcome of FOMC meeting to be a foregone conclusion. Since the disappointing August jobs report, the risk of a new round of asset purchases has increased and this has contributed to the risk-on environment, which of course has also been driven by the ECB. While this had led many to conclude the QE has been…
FOMC: Gold, Dollar and the S&P 500 FOMC:  Gold, Dollar and the S&P 500 Reviewed by Marc Chandler on September 13, 2012 Rating: 5
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FT Interview: Questioning QE3 FT Interview: Questioning QE3 Reviewed by magonomics on September 12, 2012 Rating: 5
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Great Graphic: Euro, Yen and S&P with QE

September 12, 2012
These first two Great Graphics come from Adam Button on ForexLive.  They depict the euro and yen with the performance against the dollar matched up with the Fed's balance sheet actions.  The only extraneous event included was Japan's tsunami.

I post these charts because I think they are provocative, but I have serious reservations about t…
Great Graphic: Euro, Yen and S&P with QE Great Graphic:  Euro, Yen and S&P with QE Reviewed by Marc Chandler on September 12, 2012 Rating: 5
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German Court Decision and Data Extend Risk-On Rally

September 12, 2012
The German Constitutional Court cleared the remaining hurdle to the ESM and this has encouraged a further extension of the risk-on rally.  The US dollar is bearing the brunt of the move ahead of the other key event of the week, the conclusion tomorrow of the FOMC meeting, where the perceptions of the risk of QE are running high.  
The market appear…
German Court Decision and Data Extend Risk-On Rally German Court Decision and Data Extend Risk-On Rally Reviewed by Marc Chandler on September 12, 2012 Rating: 5
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Great Graphic: Euro and Sterling

September 11, 2012
These Great Graphics come from my Bloomberg.  The first is a daily bar chart of the euro with the 200-day moving average plotted.  I tend not to think of the moving average to be support or resistance, but really more of a mile marker.  As I noted in the previous post the euro has not traded above its 200-day average since last October.  It comes…
Great Graphic: Euro and Sterling Great Graphic:  Euro and Sterling Reviewed by Marc Chandler on September 11, 2012 Rating: 5
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Dollar Soft, New Insight into Euro Rise, Japan/China Tensions

September 11, 2012
News that the German Constitutional Court will indeed make its preliminary ruling tomorrow on the ESM and fiscal treaty has helped lift the euro. As noted yesterday, new charges in light of Draghi's plan threatened to delay the much awaited decision.  The euro made a marginal new high for the move, but quickly moved back into a consolidative …
Dollar Soft, New Insight into Euro Rise, Japan/China Tensions Dollar Soft,  New Insight into Euro Rise, Japan/China Tensions Reviewed by Marc Chandler on September 11, 2012 Rating: 5
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Great Graphic: Consumer Credit

September 10, 2012
Here is a Great Graphic from Zero Hedge.  It shows the history of the US consumer credit report since 2007.  It tends not to be a market-mover, but the unexpected decline in July has gotten the attention of many as the North American session winds down.  
The Bloomberg consensus was for a $9.2 bln increase.  Instead the Federal Reserve reported a…
Great Graphic: Consumer Credit Great Graphic:  Consumer Credit Reviewed by Marc Chandler on September 10, 2012 Rating: 5
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New Twists in the Plot (German Court and Greece)

September 10, 2012
There have been two developments that are serving to keep the euro consolidating in the North American morning. The first has to do with the Germany Constitutional Court and the second involves Greece.
A new claim was brought to the German Constitutional court by a CSU member of parliament. Peter Gauweiler, a noted euro sceptic, has filed a ch…
New Twists in the Plot (German Court and Greece) New Twists in the Plot (German Court and Greece) Reviewed by Marc Chandler on September 10, 2012 Rating: 5
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Eventful Week Begins Slowly

September 10, 2012
The US dollar is consolidating last week's losses in largely uneventful activity.  In fact, consolidation is the general theme in the broader capital markets as well.   Equity markets are narrowly mixed, with the MSCI Asia Pacific eking out a marginal gain and the Dow Jones Stoxx 600 trading with a slight downside bias in the European morning,…
Eventful Week Begins Slowly Eventful Week Begins Slowly Reviewed by Marc Chandler on September 10, 2012 Rating: 5
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FX Positioning and Outlook: No Sign a Turn is at Hand

September 08, 2012
Key policy makers are preparing new efforts to address the deterioration of financial and economic conditions.  This is seen reducing tail risks, which allowed the rally in risk assets to be extended, and undermined the dollar.  China is providing new fiscal support.  The ECB announced its new Outright Market Transactions.  The disappointing US em…
FX Positioning and Outlook: No Sign a Turn is at Hand FX Positioning and Outlook:  No Sign a Turn is at Hand Reviewed by Marc Chandler on September 08, 2012 Rating: 5
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Jobs Data Disappoints, Ignore Drop in Unemployment Rate

September 07, 2012
The US employment data is an important disappointment, especially coming on the heels of yesterday's ADP and service ISM reports that had lifted expectations.  The private sector created a net 103k jobs, well below the 143k expected and a down from the lower revised 162k created in July.  A large part of the miss comes from manufacturing wher…
Jobs Data Disappoints, Ignore Drop in Unemployment Rate Jobs Data Disappoints, Ignore Drop in Unemployment Rate Reviewed by Marc Chandler on September 07, 2012 Rating: 5
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Six Observations as Week Winds Down

September 07, 2012
There are six observations on the G10 to share ahead of the weekend. 
First, the ECB's Outright Monetary Transaction (OMT) scheme has continued to bolster perceptions that officials are moving to reduce tail risk.  Dragji's announcement did not differ much in substance from what was leaked the previous day.  As was the case prior to this w…
Six Observations as Week Winds Down Six Observations as Week Winds Down Reviewed by Marc Chandler on September 07, 2012 Rating: 5
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Independent Central Banks? R.I.P.

September 06, 2012
On the day that ECB President Draghi provided more details over his plan to support the euro and monetary union over the objections of the Bundesbank President Weidmann, it may seem counter-intuitive to say, but ultimately, Weidmann is right. 
The ECB's bond buying plan is in fact "tantamount to financing governments" even if the mo…
Independent Central Banks? R.I.P. Independent Central Banks?  R.I.P.  Reviewed by Marc Chandler on September 06, 2012 Rating: 5
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Combination of US Jobs and Draghi's Broad Strokes Helps USD

September 06, 2012
The stronger than expected ADP employment estimate and downward revisions to growth from the ECB has seen the dollar recover earlier losses.  Draghi has indicated that the details of the Monetary Outright Purchases (MOT), which is the SMP2.0, will be released in a separate press release, as will the new collateral rules.  This will of course be s…
Combination of US Jobs and Draghi's Broad Strokes Helps USD Combination of US Jobs and Draghi's Broad Strokes Helps USD Reviewed by Marc Chandler on September 06, 2012 Rating: 5
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Will Draghi Deliver or More about Modalities ?

September 06, 2012
What promises to be an eventful period, and one in which the implied volatility, either in VIX or currencies seem low, has already had a couple of surprises.  The session began with soft Australian employment numbers.  Rather than grow 5k jobs, it lost 8.8k.  These were concentrated in part-time jobs, but the full-time positions gained only 600 a…
Will Draghi Deliver or More about Modalities ? Will Draghi Deliver or More about Modalities ?  Reviewed by Marc Chandler on September 06, 2012 Rating: 5
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