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When Primary is Secondary

June 30, 2020
Overview:  The gains in US equities yesterday carried into Asia Pacific trading today, but the European investors did not get the memo. The Dow Jones Stoxx 600 is succumbing to selling pressure and giving back yesterday's gain.Energy and financials are the biggest drags, while real estate and information technology sectors are firm.  All the m…
When Primary is Secondary When Primary is Secondary Reviewed by Marc Chandler on June 30, 2020 Rating: 5
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Cool Video: Forces Driving the Dollar and Downplaying Claims Sterling is an Emerging Market Currency Cool Video: Forces Driving the Dollar and Downplaying Claims Sterling is an Emerging Market Currency Reviewed by Marc Chandler on June 29, 2020 Rating: 5
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USD is Offered in Quiet Start to the New Week

June 29, 2020
Overview:  The combination of rising virus cases and the sell-off in the US before the weekend dragged nearly all the Asia Pacific bourses lower.  The Nikkei led the way with more than a 2% drop, but most bourses were off more than 1%.  China and Taiwan were also greeted with selling as markets re-opened from a two-day holiday at the end of last w…
USD is Offered in Quiet Start to the New Week USD is Offered in Quiet Start to the New Week Reviewed by Marc Chandler on June 29, 2020 Rating: 5
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Caution as Last Part of Corrective Phase could be the most Impulsive

June 28, 2020
We anticipated and have been tracking the corrective or consolidative phase in the foreign exchange market since shortly after the unexpected surge in US non-farm payrolls reported on June 5.  That phase may not be over yet, and the quarter-end adjustments are a wildcard. Many expect large equity sales after strong rallies that were all the more i…
Caution as Last Part of Corrective Phase could be the most Impulsive Caution as Last Part of Corrective Phase could be the most Impulsive Reviewed by Marc Chandler on June 28, 2020 Rating: 5
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Liquidity and Macro Compete for Upper Hand

June 27, 2020
It is sometimes said that two emotions drive the capital markets, fear and greed.  That may cast it in moralistic terms, but there does seem to be two attractors that the pendulum of market sentiment is presently swinging between.
On the one hand, central banks have eased monetary policy through conventional and unconventional measures. Governments…
Liquidity and Macro Compete for Upper Hand Liquidity and Macro Compete for Upper Hand Reviewed by Marc Chandler on June 27, 2020 Rating: 5
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Investors Wrestle with Notion that More Covid Cases mean More Stimulus

June 26, 2020
Overview: It may be that a new surge in virus cases will elicit more policy support from officials, but the immediate focus may be on the economic disruption. The number of US cases is reaching records, and at least a couple of states are stopping their re-opening efforts. Several other countries, including parts of Australia, Japan, and Germany…
Investors Wrestle with Notion that More Covid Cases mean More Stimulus Investors Wrestle with Notion that More Covid Cases mean More Stimulus Reviewed by Marc Chandler on June 26, 2020 Rating: 5
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Contagion Growth and Calendar-Effect Saps Investor Enthusiasm

June 25, 2020
Overview: Given the huge run-up in risk assets this quarter, and the technical indicators warning of corrective forces, concerns over the new infections is pushing on an open door.  The S&P 500 gapped lower yesterday and fell 2.6%, led by energy and airlines.  The NASDAQ snapped an eight-day rally.  Follow-through selling in the Asia Pacific r…
Contagion Growth and Calendar-Effect Saps Investor Enthusiasm Contagion Growth and Calendar-Effect Saps Investor Enthusiasm Reviewed by Marc Chandler on June 25, 2020 Rating: 5
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Risk Appetites Satiated for the Moment

June 24, 2020
Overview: The rally in risk assets in North America yesterday is failing to carry over into today's activity. Asia Pacific equities were mixed. Korea and Indonesia led the advances with more than 1% gain. China and Taiwan also gained. Japan and Hong Kong. Europe's Dow Jone's Stoxx 600 is giving back yesterday's gains (~1.3%) plus s…
Risk Appetites Satiated for the Moment Risk Appetites Satiated for the Moment Reviewed by Marc Chandler on June 24, 2020 Rating: 5
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Weebles Wobble but they Don't Fall Down

June 23, 2020
Overview: After early indecision, investors ramped the demand for risk assets, encouraged perhaps by indications that the Trump Administration is going to support at least another trillion-stimulus package.  The NASDAQ rallied to new record highs, and the dollar got thumped across the board. However, in early Asia activity, Trump adviser Navarro s…
Weebles Wobble but they Don't Fall Down Weebles Wobble but they Don't Fall Down Reviewed by Marc Chandler on June 23, 2020 Rating: 5
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Dollar Begins Week on Back Foot

June 22, 2020
Overview: Investors begin the new week, perhaps slowed a bit by the weekend developments and the growth of new infections.  Equities are mixed.  The MSCI Asia Pacific Index snapped a four-day advance, though India bucked the regional trend and gained 1%.  Europe's Dow Jones Stoxx 600 is recovering from an early dip to four-day lows.  US shares…
Dollar Begins Week on Back Foot Dollar Begins Week on Back Foot Reviewed by Marc Chandler on June 22, 2020 Rating: 5
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