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Covid Strikes Back

November 26, 2021
Overview: Concerns that a new mutation of the Covid virus has shaken the capital markets.  Equities are off hard, and bonds have rallied.  In the foreign exchange market, the Japanese yen and Swiss franc have rallied.  While there may be a safe haven bid, there also appears to be an unwinding of positions that require the buying back of the fundin…
Covid Strikes Back Covid Strikes Back  Reviewed by Marc Chandler on November 26, 2021 Rating: 5
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Turkey gets a Reprieve before US Thanksgiving, but Capital Strike may not be Over Turkey gets a Reprieve before US Thanksgiving, but Capital Strike may not be Over Reviewed by Marc Chandler on November 24, 2021 Rating: 5
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Tech Sell-Off Continues

November 23, 2021
Overview:  The markets are unsettled.  Bond yields have jumped, tech stocks are leading an equity slump, and yesterday's crude oil bounce reversed.  Gold, which peaked last week near $1877, has been dumped to around $1793.  The tech sell-off in the US carried into the Asia Pacific session, and Hong Kong led most markets lower.  The local holid…
Tech Sell-Off Continues Tech Sell-Off Continues Reviewed by Marc Chandler on November 23, 2021 Rating: 5
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Market Shrugs Off Chinese Signals and Keeps the Yuan Bid

November 22, 2021
Overview:  The US dollar has come back bid from the weekend against most currencies following the talk by a couple of Fed governors about the possibility of accelerating the tapering at next month's FOMC meeting.  The weekend also saw protests against the social restrictions being imposed by several European countries in the face of a surge in…
Market Shrugs Off Chinese Signals and Keeps the Yuan Bid Market Shrugs Off Chinese Signals and Keeps the Yuan Bid Reviewed by Marc Chandler on November 22, 2021 Rating: 5
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Covid Surge Compounds Monetary Divergence to give the Euro its Biggest Weekly Loss in Five Months Covid Surge Compounds Monetary Divergence to give the Euro its Biggest Weekly Loss in Five Months Reviewed by Marc Chandler on November 21, 2021 Rating: 5
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Flash PMIs Play Second Fiddle to US PCE Deflator and Accelerating Inflation

November 20, 2021
The flash November PMIs would be the main focus in the week ahead if it were more normal times.  But these are not normal times, and growth prospects are not the key driver of the investment climate.  This quarters' growth is largely baked into the cake.  The world's three largest economies, the US, China, and Japan, are likely to accelera…
Flash PMIs Play Second Fiddle to US PCE Deflator and Accelerating Inflation Flash PMIs Play Second Fiddle to US PCE Deflator and Accelerating Inflation Reviewed by Marc Chandler on November 20, 2021 Rating: 5
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Covid Wave Knocks Euro Down and to new 6-year Lows Against the Swiss Franc

November 19, 2021
Overview:  Concerns about the virus surge in Europe cut short the euro's bounce and sent it back below $1.1300 and are also weighing on central European currencies, including the Hungarian forint, despite yesterday's aggressive hike of the one-week deposit rate.  Austria has reintroduced a hard 20-day lockdown.  Germany's health minist…
Covid Wave Knocks Euro Down and to new 6-year Lows Against the Swiss Franc Covid Wave Knocks Euro Down and to new 6-year Lows Against the Swiss Franc Reviewed by Marc Chandler on November 19, 2021 Rating: 5
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Euro Bounces Back, but the Turkish Lira Remains Unloved

November 18, 2021
Overview:  The US dollar's sharp upside momentum stalled yesterday near JPY115 and after the euro met (and surpassed) a key retracement level slightly below $1.1300.  Led by the Antipodean currencies today, the greenback is mostly trading with a heavier bias.  Among the majors, helped by a steadying of US yields, the yen is soft.  In the emerg…
Euro Bounces Back, but the Turkish Lira Remains Unloved Euro Bounces Back, but the Turkish Lira Remains Unloved Reviewed by Marc Chandler on November 18, 2021 Rating: 5
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European Gas Jumps, while the Euro and Yen Slump

November 17, 2021
Overview: The prospects that the 6.2% CPI will prompt the Fed to move quicker continue to underpin the dollar.  The euro fell to about $1.1265, its lowest level since last September, and the Japanese yen slumped to a fresh four-year low.  The JP Morgan Emerging Market Currency Index tumbled 1% yesterday, the largest decline since February.  A more…
European Gas Jumps, while the Euro and Yen Slump European Gas Jumps, while the Euro and Yen Slump Reviewed by Marc Chandler on November 17, 2021 Rating: 5
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