Results for Krona
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Dollar Mostly Firmer, Sterling Higher

April 05, 2011
The US dollar is firmer against most of the major and emerging market currencies, with the notable exception being sterling, which has ben boosted a much stronger than expected services PMI (57.1 vs 52.6 in Feb).

Sterling reached $1.6250  but is over-extended on the short-term basis and a break back below $1.6200 would suggest the day's high i…
Dollar Mostly Firmer, Sterling Higher Dollar Mostly Firmer, Sterling Higher Reviewed by Marc Chandler on April 05, 2011 Rating: 5
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Five-Year/Five Year Forwards: US and Europe

April 04, 2011
The five-year/five year forward has been cited by various officials in the US and Europe as a useful metric of inflation expectations. It is interesting to review where they are in light of the ECB's likely hike this week and increased talk about inflation in the US as commodity prices, especially oil prices, continue to edge higher.
The US 5-…
Five-Year/Five Year Forwards: US and Europe Five-Year/Five Year Forwards:  US and Europe Reviewed by Marc Chandler on April 04, 2011 Rating: 5
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The ECB and the Fed

April 04, 2011
If there is a single factor that was the main driver of US dollar in the first quarter, it would be the divergence between the trajectory of US and European monetary policy. The Federal Reserve is still engaged in easing monetary policy through unconventional purchase of Treasuries.
On its current path, QEII is worth something on the magnitude of …
The ECB and the Fed The ECB and the Fed Reviewed by Marc Chandler on April 04, 2011 Rating: 5
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Thank You Sir, Can I Have Another ?

March 25, 2011
Portugal has been downgraded by both Fitch (A-) and S&P (BBB) and the EU Summit looks like modest techical adjustments that have largely been unveiled.  The euro (yawn) is little changed.    On the week it is a mere 0.1% lower, less than a rounding error for most participants.  Its resilience remains remarkable.  It is coming at the same time …
Thank You Sir, Can I Have Another ? Thank You Sir, Can I Have Another ? Reviewed by Marc Chandler on March 25, 2011 Rating: 5
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Parry and Feint: Outlines of Europe's Next Chapter

March 14, 2011
European officials have reached an agreement in principle that falls well shy of the “comprehensive plan” officials had promised and is unlikely to provide investors with a sense of closure to the debt crisis that began in late 2009. Yet progress was sufficient that the debt crisis is unlikely to override the divergence of US and European interest…
Parry and Feint: Outlines of Europe's Next Chapter Parry and Feint:  Outlines of Europe's Next Chapter Reviewed by Marc Chandler on March 14, 2011 Rating: 5
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Key Developments

March 10, 2011
After a largely quiet first half of the week, there are a number of noteworthy developments today. The most important of which is arguably Moody's downgrade of Spain to Aa2 and maintaining a negative outlook. It is important because it took place hours before the Bank of Spain is to publish each bank's capital needs. Spanish officials have…
Key Developments Key Developments Reviewed by Marc Chandler on March 10, 2011 Rating: 5
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Swedish Krona Surges

February 28, 2011
The Swedish krona is surging today. Hawkish central bank comments have offset disappointing retail sales figures and there is some talk of month-end related demand.
The euro recorded multi-year lows against the krona on Feb 16 just above SEK8.7 and had recovered to a high near SEK8.8550 earlier today before reversing sharply. In recent hours the e…
Swedish Krona Surges Swedish Krona Surges Reviewed by Marc Chandler on February 28, 2011 Rating: 5
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Dollar Finishes the Month Softly

February 28, 2011
After a soft start in Asia, the euro has rallied to approach the year's high set February 2 just above $1.3860. The ECB rhetoric ahead of the meeting later this week is expected to reiterate the hawkish tone seen in recent weeks, the euro seems particularly vulnerable to negative news that is mounting, though momentum and technical players hav…
Dollar Finishes the Month Softly Dollar Finishes the Month Softly Reviewed by Marc Chandler on February 28, 2011 Rating: 5
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March Madness

February 25, 2011
If you thought this year was off to a challenging start for investors, fasten your seatbelts. March could very well turn out to be the most important month of the year. This does not mean there is easy money to be made or low-hanging fruit that can be picked.
To the contrary, the event risks are such that even the most insightful investors may be …
March Madness March Madness Reviewed by Marc Chandler on February 25, 2011 Rating: 5
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Sterling Warning, ECB M3 and Swiss Resilience

February 25, 2011
One noteworthy take away from this week's price action is the under-performance of sterling. It's 1% loss against the dollar makes it one of the weakest currencies, second only to the New Zealand dollar, which was undermined by a swing in rate expectations following the devastating earthquake.
Sterling continues its under-performance today…
Sterling Warning, ECB M3 and Swiss Resilience Sterling Warning, ECB M3 and Swiss Resilience Reviewed by Marc Chandler on February 25, 2011 Rating: 5
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Dollar Steady, Euro Hit

February 14, 2011
The euro experiencing independent weakness today. There are a number of considerations at work, nearly all of which are negative. Peripheral tensions are running high. Portugal's 10-year bond yield remains well above 7% for the seventh consecutive session and 12 of the past 15 sessions. A sustained rise through 7% seemed to have intensified th…
Dollar Steady, Euro Hit Dollar Steady, Euro Hit Reviewed by Marc Chandler on February 14, 2011 Rating: 5
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Highlights for Groundhog's Day

February 02, 2011
The US dollar remains under pressure in the foreign exchange market, driven by its resumption as a financing currency as growth and inflation raise prospects of BOE and ECB rate hikes while the Federal Reserve is still committed easing monetary conditions.
At the same time, investors growing more confident that officials will address the periphera…
Highlights for Groundhog's Day Highlights for Groundhog's Day Reviewed by Marc Chandler on February 02, 2011 Rating: 5
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In A Disappointing Europe, Sweden Stands Out

November 29, 2010
Europe is engulfed in a financial crisis that is also becoming a political crisis. Sweden stands out as an exception and we affirm our expectation of the krona's out performance in period ahead.
Sweden's economy contracted 5.3% last year but has rebounded smartly this year. Q3 GDP was reportedly earlier today and at 2.1% quarter-over-quart…
In A Disappointing Europe, Sweden Stands Out In A Disappointing Europe, Sweden Stands Out Reviewed by Marc Chandler on November 29, 2010 Rating: 5
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Sweden Update

November 09, 2010
The Swedish krona has generally trended higher against the euro since the global financial crisis bottomed toward the end of Q1 2009. The euro recorded its multi-year lows against the krona in late Sept near SEK9.09.
A less aggressive trajectory of rate hikes signaled by the central bank and some disappointing data had encouraged some profit-taking…
Sweden Update Sweden Update Reviewed by Marc Chandler on November 09, 2010 Rating: 5
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Dollar Firm, but the Pound is Sterling

October 26, 2010
The US dollar is still consolidating/correcting its recent decline against most of the major currencies today. The notable exception is the British pound, where a considerably stronger than expected initial estimate of Q3 GDP (0.8% quarter-over-quarter vs 0.4% consensus) and an upgrade in its sovereign rating to stable from negative has bolstered …
Dollar Firm, but the Pound is Sterling Dollar Firm, but the Pound is Sterling Reviewed by Marc Chandler on October 26, 2010 Rating: 5
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Dollar Slumps Post G20

October 25, 2010
The US dollar is broadly weaker in the wake of the G20 statement that appeared to encourage flowing in emerging markets and risk assets in general. Leading the move is the Australian dollar and Swedish krona. The larger than expected rise in Q3 PPI (1.3% vs 0.5% consensus) and hawkish comments from RBA Governor Stevens, coupled with anticipation o…
Dollar Slumps Post G20 Dollar Slumps Post G20 Reviewed by Marc Chandler on October 25, 2010 Rating: 5
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Currency War: A View from the Trenches

October 08, 2010
Recent weeks have seen much talk about "currency wars". This talk suggests that many countries are seeking the devaluation of their currencies in order to promote their exports, which in turn forces other countries to respond with similar efforts. It harkens back to the disastrous beggar-thy-neighbor policy that was seen between the two …
Currency War: A View from the Trenches Currency War: A View from the Trenches Reviewed by Marc Chandler on October 08, 2010 Rating: 5
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Market's Focus Shifts From US Economy Back to Europe

September 07, 2010
It as if market participants can focus only on one of the key drivers of financial markets at a time. From last November through May, European financial woes were paramount. As the EU and ECB innovated and, we have argued bluffed (through exaggerating the size of the financial program in mid-May) the liquidity pressure eased and fears of the immin…
Market's Focus Shifts From US Economy Back to Europe Market's Focus Shifts From US Economy Back to Europe Reviewed by Marc Chandler on September 07, 2010 Rating: 5
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Europe's Feint

August 13, 2010
The euro has been sold hard across the board in recent days, taking numerous investors and observers by surprise. After all, the European sovereign debt crisis that was so threatening earlier this year had been resolved, the fiscal austerity measures announced had re-earned the market’s confidence, and the economies had strengthened in Q2 after ne…
Europe's Feint Europe's Feint Reviewed by Marc Chandler on August 13, 2010 Rating: 5
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Swedish Krona Still in Play

August 09, 2010
The Swedish krona remains a market darling. Over the past 3-months it neck-to-neck with sterling as the strongest G10 currency, up about 7.75% against the dollar and about 4% against the euro.
It has strong macro-economic fundamentals. The preliminary estimate of Q2 GDP was reported in late July at 3.7% (year-over-year) after a 3% reading in Q1. W…
Swedish Krona Still in Play Swedish Krona Still in Play Reviewed by Marc Chandler on August 09, 2010 Rating: 5
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