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When Maximum Fed Flexibility is Hawkish

January 27, 2022
Overview:  If equities had appeared to drive the other capital markets recently, the debt market took the bull whip yesterday.  The surge in US rates saw equities reverse lower and the dollar rally.  The MSCI Asia Pacific Index was sold to its lowest level since late 2020, led by more than 3% losses in the Nikkei and Kospi.  Foreign investors have…
When Maximum Fed Flexibility is Hawkish When Maximum Fed Flexibility is Hawkish Reviewed by Marc Chandler on January 27, 2022 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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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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The Jump in Rates Does Little for Sterling, the Canadian Dollar, and the New Zealand Dollar The Jump in Rates Does Little for Sterling, the Canadian Dollar, and the New Zealand Dollar Reviewed by Marc Chandler on October 18, 2021 Rating: 5
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Australia and New Zealand Move in Opposite Directions

September 16, 2021
Overview: The energy complex has become a key focus, with Brent oil holding above $75 and WTI above $72.  Natural gas, which reached seven-year highs yesterday, is giving back around half of yesterday's 3.8% rally.  Rising energy prices play on fears of stagflation and also aggravate supply chain challenges.  Meanwhile, China's Evergrande …
Australia and New Zealand Move in Opposite Directions Australia and New Zealand Move in Opposite Directions Reviewed by Marc Chandler on September 16, 2021 Rating: 5
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Antipodeans and Sterling Bear Brunt of Greenback's Gains

August 17, 2021
Overview:  Concern about the economic impact of the virus and new efforts by China to curb "unfair" competition among online companies has triggered a dramatic response by investors.  A lockdown in New Zealand and the Reserve Bank of Australia signaling it will respond if the economic fallout increases sent the Antipodean currencies shar…
Antipodeans and Sterling Bear Brunt of Greenback's Gains Antipodeans and Sterling Bear Brunt of Greenback's Gains Reviewed by Marc Chandler on August 17, 2021 Rating: 5
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Markets Becalmed

August 04, 2021
Overview:  The US 10-year yield is hovering around 1.18% in Europe, while the on-the-run JGB benchmark yield is below zero for the first time this year.  Greek and Australia's 10-year bond yields are at new six-month lows. The softer yields saw the dollar fall to two-month lows against the yen, while the Swiss franc rose to the highest level s…
Markets Becalmed Markets Becalmed Reviewed by Marc Chandler on August 04, 2021 Rating: 5
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Greenback Shows Some Resilency after Follow-Through Selling Dried up

July 06, 2021
Overview: Follow-through dollar selling stalled as key levels were approached, including $1.19 in the euro, $1.3900 in sterling, $0.7600 in the Australian dollar, and CAD1.2300. Sentiment is mixed after the greenback sold-off before last weekend despite the fastest jobs growth in 10-months.  Emerging market currencies are mixed, with the JP Morgan…
Greenback Shows Some Resilency after Follow-Through Selling Dried up Greenback Shows Some Resilency after Follow-Through Selling Dried up Reviewed by Marc Chandler on July 06, 2021 Rating: 5
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Post-Holiday Blues in China While UK Sends Navy Vessels to Deter French Fishermen Blockade of Jersey Post-Holiday Blues in China While UK Sends Navy Vessels to Deter French Fishermen Blockade of Jersey Reviewed by Marc Chandler on May 06, 2021 Rating: 5
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