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US CPI ahead of FOMC Outcome Tomorrow

December 13, 2022
Overview: The dollar softer against the G10 currencies ahead of today’s CPI report and the FOMC meeting the concludes tomorrow. Emerging market currencies are most mixed. The Hungarian forint leads the complex with around a 1% gain on news of a preliminary deal struck with the EU. The South African rand is the worst performer, off around 0.8%, as …
US CPI ahead of FOMC Outcome Tomorrow US CPI ahead of FOMC Outcome Tomorrow Reviewed by Marc Chandler on December 13, 2022 Rating: 5
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Sterling and UK Debt Market Respond Favorably to the Return of Orthodoxy

October 17, 2022
Overview: The markets have returned from the weekend with a greater appetite for risk. Equities and bonds are rallying, and the dollar is better offered. China, Hong Kong, South Korea, and Indian bourses advanced. Mainland shares edged higher even though Zhengzhou, a city of one million people, near an iPhone manufacturing hub was locked down due …
Sterling and UK Debt Market Respond Favorably to the Return of Orthodoxy Sterling and UK Debt Market Respond Favorably to the Return of Orthodoxy Reviewed by Marc Chandler on October 17, 2022 Rating: 5
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Macro: Tell Us Something We Don't Already Know

September 24, 2022
As September winds down, three sets of economic reports will draw the most attention. We will review them and then offer a snapshot of the emerging market central bank meetings. As we have seen in the UK and Norway, several emerging market countries raised rates early (beginning in the middle of last year) but still experienced an acceleration of …
Macro: Tell Us Something We Don't Already Know Macro: Tell Us Something We Don't Already Know Reviewed by Marc Chandler on September 24, 2022 Rating: 5
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Johnson Resigns, but Still not Clear if He Controls the Timing

July 07, 2022
Overview: The resignation of a UK prime minister makes for high political drama, but the markets hardly moved on it. Sterling, like most of the major currencies, are recovering against the dollar today. UK equities are higher but are not really outperforming their peers. Asia Pacific bourses rallied, with Taiwan leading the way with a 2.5% surge. …
Johnson Resigns, but Still not Clear if He Controls the Timing Johnson Resigns, but Still not Clear if He Controls the Timing Reviewed by Marc Chandler on July 07, 2022 Rating: 5
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Aggressive Tightening Sees Risk Appetites Evaporate

June 16, 2022
Overview: It might not have seemed that way in the cloud of hours following the FOMC conclusion, but risk appetites are taking the day off. Asia Pacific equites were mixed, but Europe’s Stoxx 600 is off nearly 2% to completely give back yesterday’s gains, which were the first in seven sessions. US futures are off 2-3%. Benchmark 10-year yields hav…
Aggressive Tightening Sees Risk Appetites Evaporate Aggressive Tightening Sees Risk Appetites Evaporate Reviewed by Marc Chandler on June 16, 2022 Rating: 5
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Bond Meltdown

April 06, 2022
Overview:  Federal Reserve Governor Brainard's suggestion of a rapid unwind of the Fed's balance sheet stoked a bond market sell-off that is continuing today, rippling through the capital markets.  The US 10-year yield is rising for the fourth consecutive session.  The six-basis point gain today puts the yield near 2.62%, which represents …
Bond Meltdown Bond Meltdown Reviewed by Marc Chandler on April 06, 2022 Rating: 5
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RBA Drops "patience" to Send the Aussie Higher

April 05, 2022
Overview: The Reserve Bank of Australia hinted that it was getting closer to a rate hike.  The Australian dollar was bid to its best level since the middle of last year.  Australian stocks advanced in a mixed regional session while China and Hong Kong markets were closed for the local holiday.  BOJ Kuroda called the yen's recent moves "ra…
RBA Drops "patience" to Send the Aussie Higher RBA Drops "patience" to Send the Aussie Higher Reviewed by Marc Chandler on April 05, 2022 Rating: 5
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China Bends, Russia Doubles Down, and the Euro Approaches $1.10

April 04, 2022
Overview: Russia's brutality as it re-positioned forces in Ukraine and China's move to ease the clash with US auditors dominate the news.  Hong Kong tech stocks rallied on the news while mainland markets are closed today and tomorrow for a national holiday.  The MSCI Asia Pacific Index has traded higher for the past three weeks.  European …
China Bends, Russia Doubles Down, and the Euro Approaches $1.10 China Bends, Russia Doubles Down, and the Euro Approaches $1.10 Reviewed by Marc Chandler on April 04, 2022 Rating: 5
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