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Another Look at the Price Action

April 05, 2020
The US dollar's strength appears to confound fundamental and technical considerations. The cross-currency basis swaps have swung hard from a large dollar premium to a record discount (against the euro, sterling, and yen). No fewer than 10 central banks drew on the currency swap lines with the Federal Reserve, including three from the emerging …
Another Look at the Price Action Another Look at the Price Action Reviewed by Marc Chandler on April 05, 2020 Rating: 5
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The Long Winter

April 04, 2020
G7 officials used to say that foreign exchange markets should be driven by fundamentals. It struck some as vacuous. What else could drive the largest part of the capital markets, a $6.6 trillion a day turnover prior to the crisis but macro? The challenge is really which macro factors should determine exchange rates.
There seems to a rough consensus…
The Long Winter The Long Winter Reviewed by Marc Chandler on April 04, 2020 Rating: 5
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Oil Firm, Greenback Extends Gains

April 03, 2020
Overview:  Global equities are finishing the week on a soggy tone despite the 2%+ gains seen in the US yesterday. The extension of shutdowns, rising contagion and fatality rate, and imploding economies weigh on prices.  In Asia, Korea and Indonesia bucked the trend to most minor gains.  Europe is giving back yesterday's gains, and the Dow Jone…
Oil Firm, Greenback Extends Gains Oil Firm, Greenback Extends Gains Reviewed by Marc Chandler on April 03, 2020 Rating: 5
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Optimism on Oil Deal Steadies Risk Appetites...for the Moment

April 02, 2020
Overview: After US stocks dropped more than 4% yesterday, investor sentiment has improved, apparently sparked by ideas that the pain will force oil producers to find a way to reduce supply. Oil prices have surged, with the May WTI contract rallying around 7%. Asia Pacific equities were mostly higher, with Japan and Australia the notable exceptions…
Optimism on Oil Deal Steadies Risk Appetites...for the Moment Optimism on Oil Deal Steadies Risk Appetites...for the Moment Reviewed by Marc Chandler on April 02, 2020 Rating: 5
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April Monthly

April 01, 2020
In March,  the G10 and many emerging market countries, governments, and central banks unveiled large emergency measures.  The motivation is to blunt the economic impact of the novel coronavirus that has seen more than two billion people around the world have their movement restricted. Large swathes of the world's economy have shut down.  The n…
April Monthly April Monthly Reviewed by Marc Chandler on April 01, 2020 Rating: 5
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Hemorrhaging Resumes

April 01, 2020
Overview: There is no reprieve for investors. Equities are falling sharply. Nearly all the Asia Pacific markets slumped but Australia. Chinese markets fared better than most, but the Nikkei was off 4.5%, and India was down almost as much in late dealings. Europe's Dow Jones Stoxx 600 is off more than 3% near midday, led by a sell-off in banks …
Hemorrhaging Resumes Hemorrhaging Resumes Reviewed by Marc Chandler on April 01, 2020 Rating: 5
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March Ends like a Lion, No Lamb in Sight

March 31, 2020
Overview: The coronavirus plague upended the world in March. Equities are finishing the month on a firm note. Strong gains in the US yesterday and an unexpectedly strong Chinese PMI (yes, to be taken with the proverbial grain of salt) helped lift most Asia Pacific and European markets today. Japan and Australia are exceptions to the generalizat…
March Ends like a Lion, No Lamb in Sight March Ends like a Lion, No Lamb in Sight Reviewed by Marc Chandler on March 31, 2020 Rating: 5
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Monday Blues

March 30, 2020
Overview: Risk appetites remain in check as the spread of the coronavirus is leading to more and longer shutdowns.  Asia Pacific equities fell with Australia, the notable exception.  Its benchmark rallied a record 7%, encouraged by additional stimulus measures.  Led by financials, following new that the ECB is requesting banks hold off dividend pa…
Monday Blues Monday Blues Reviewed by Marc Chandler on March 30, 2020 Rating: 5
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