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Focus on the ECB, while the Dollar Slips below CNY7.09

September 12, 2019
Overview: Some gestures in the US-China trade spat have given the market the reason to do what it had been doing, and that is taking on more risk. Equities are higher in Asia Pacific and opened in Europe higher before slipping. The MSCI Asia Pacific and the Dow Jones Stoxx 600 are advancing for the fourth consecutive week.  US shares are firmer in…
Focus on the ECB, while the Dollar Slips below CNY7.09 Focus on the ECB, while the Dollar Slips below CNY7.09 Reviewed by Marc Chandler on September 12, 2019 Rating: 5
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What Happened Monday

September 02, 2019
Markets in the US and Canada were closed on Monday for national Labor Day holidays.  Here is a succinct summary of key developments that will set the backdrop for Tuesday.
1. On September 1, the new round of tariffs in the US-China fight took effect.  The US placed a 15% tariff on around 3000 Chinese goods that thus far had escaped action.  China …
What Happened Monday What Happened Monday Reviewed by Marc Chandler on September 02, 2019 Rating: 5
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US Dollar Finishing August on Firm Note as Euro nears Two-Year Lows

August 30, 2019
Overview:  Global equities are advancing at least in part on ideas that trade tensions are easing.  China announced it would not take immediate action on the five percentage point increase in levies that the US announced strictly in response to China's retaliatory tariffs.  A lull between blows is not the same thing as de-escalation or truce. …
US Dollar Finishing August on Firm Note as Euro nears Two-Year Lows US Dollar Finishing August on Firm Note as Euro nears Two-Year Lows Reviewed by Marc Chandler on August 30, 2019 Rating: 5
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Johnson Faces Legal Challenges and Conte may be Given an Extension

August 29, 2019
Overview:  The capital markets are calm today, though there does seem to be some optimism creeping back into the market.  The Chinese yuan strengthened, snapping a ten-day slide and Italian bank shares index has risen by more than 1% for the fourth consecutive session.  The safe-haven yen and Swiss franc are softer.  In fact, the dollar is rising …
Johnson Faces Legal Challenges and Conte may be Given an Extension Johnson Faces Legal Challenges and Conte may be Given an Extension Reviewed by Marc Chandler on August 29, 2019 Rating: 5
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Optimism about Italy Creeps Back in but Sterling Heads the Opposite Way on Brexit Realities Optimism about Italy Creeps Back in but Sterling Heads the Opposite Way on Brexit Realities Reviewed by Marc Chandler on August 28, 2019 Rating: 5
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Realism Fights Back After Hope Dominated Yesterday

August 27, 2019
Overview:  Hope triumphed over realism yesterday, and realism is fighting back toward.  Asia Pacific markets, however, traded on the echo from the recovery in North America on Monday.  The MSCI Asia Pacific recouped part of yesterday's drop, led by Chinese markets.  Hong Kong was the main exception.  The enthusiasm faded by the European mornin…
Realism Fights Back After Hope Dominated Yesterday Realism Fights Back After Hope Dominated Yesterday Reviewed by Marc Chandler on August 27, 2019 Rating: 5
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China's Rate Reform Helps Markets Extend End of Last Week Recovery

August 19, 2019
Overview: China announced some changes in its interest rate framework that is expected to lead to lower rates.  This helped lift equity markets, which were already recovering at the end of last week from the earlier drubbing.  Chinese and Hong Kong shares led the regional rally with 2-3% gains.  The Nikkei gapped higher for the third time in six s…
China's Rate Reform Helps Markets Extend End of Last Week Recovery China's Rate Reform Helps Markets Extend End of Last Week Recovery Reviewed by Marc Chandler on August 19, 2019 Rating: 5
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A Look at the Charts

August 18, 2019
The White House is unlikely to comment on it, even if it is aware that the Chinese yuan was the third strongest currency in the world last week.  The British pound was the strongest, rising a little less than 1% against the dollar and snapping a 14-week plummet against the euro.  None of the other major currencies appreciated against the dollar la…
A Look at the Charts A Look at the Charts Reviewed by Marc Chandler on August 18, 2019 Rating: 5
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Macro Cheat Sheet

October 24, 2018
A high-level distillation of the macro forces impacting various currencies.


US Dollar 
Equity market volatility has not reached levels that will spur the Fed's concern.  No one expected a hike at next month's meeting.  The December meeting is too far way for short-term volatility to have any bearing.  The volatility in Jan-Feb did not deter …
Macro Cheat Sheet Macro Cheat Sheet Reviewed by Marc Chandler on October 24, 2018 Rating: 5
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