Results for Reserves
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Dollar Slide Extends

April 19, 2021
Overview: The selling pressure on the greenback, evident last week, despite a series of stronger than expected economic reports, carries over into the new week's activity.  The euro punched through the $1.20 cap that had blocked it last week, and the dollar is testing the JPY108 level, which it has not traded below since early March.  Most eme…
Dollar Slide Extends Dollar Slide Extends Reviewed by Marc Chandler on April 19, 2021 Rating: 5
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Here's to a Better Second Quarter

April 01, 2021
Overview: The global capital markets have begun the new month and quarter on a good note.  Equity markets are encouraged by yesterday's gains in the US.  Most markets in the Asia Pacific region rallied, led by Hong Kong, even though earnings reports saw trading halted in around 50 companies.  Europe's Down Jones Stoxx 600 is edging closer …
Here's to a Better Second Quarter Here's to a Better Second Quarter Reviewed by Marc Chandler on April 01, 2021 Rating: 5
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What to Expect from the World Bank and IMF

April 13, 2020
The spring meetings of the World Bank and IMF will be held virtually this week amid a profound economic crisis spurred by a novel coronavirus.  Unlike previous such viruses, this went global in such a destructive way that many countries have responded the same way.  Encouraging social distancing, closing non-essential businesses, and enforcing loc…
What to Expect from the World Bank and IMF What to Expect from the World Bank and IMF Reviewed by Marc Chandler on April 13, 2020 Rating: 5
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Cool Video: Weaponization of the Dollar and the Search for an Alternative

December 17, 2019
I talked to Rick Santelli on CNBC earlier today about the dollar.  A link to the video clip can be found here.  Our brief discussion had two components.  In the first, talked about the seemingly never-ending quest for an alternative to the dollar.  I have argued that the biggest threat to the greenback's role in economics and finance does not …
Cool Video: Weaponization of the Dollar and the Search for an Alternative Cool Video:  Weaponization of the Dollar and the Search for an Alternative Reviewed by Marc Chandler on December 17, 2019 Rating: 5
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A Word on Q3 COFER--It Might not be What You Think

December 31, 2018
The IMF offers the most authoritative report on central bank reserves on a quarterly basis with a quarter lag.  The report, the Currency Composition of Official Foreign Exchange Reserves (COFER), covering Q318 has been released.  It may be have been overlooked during the holidays, but if and when the pundits see it, the leading takeaway is that t…
A Word on Q3 COFER--It Might not be What You Think A Word on Q3 COFER--It Might not be What You Think Reviewed by Marc Chandler on December 31, 2018 Rating: 5
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The Dollar and Its Rivals

December 04, 2018
I was in graduate school, studying American foreign policy when I stumbled on Riccardo Parboni's "The Dollar and Its Rivals."  This thin volume showed how the foreign exchange market was the arena in which capitalist rivalries were expressed. More than any single book, it set me on a more than 30-year path.
The dramatic world of for…
The Dollar and Its Rivals The Dollar and Its Rivals Reviewed by Marc Chandler on December 04, 2018 Rating: 5
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The Yuan's Reserve Status

January 16, 2018
There is nothing quite like a falling dollar to spur talk of the erosion of the greenback's reserve status.  There has been talk for several months that China is preparing in yuan-denominated oil contract (with an embedded gold option).  It has not been launched yet, but some observers see it as a blow to the dollar's role.  We are skeptica…
The Yuan's Reserve Status The Yuan's Reserve Status Reviewed by Marc Chandler on January 16, 2018 Rating: 5
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USD Turns Bid: Euro and Sterling Share Dollar-Bloc and Yen's Pain

January 15, 2014
The US dollar is firmer across the board today as investors continue to regain confidence that the FOMC will proceed with its tapering efforts.  The impression is that the strength of the retail sales stripped of autos, building materials and gasoline showed a unexpected resilience of the US consumer that does not mesh with the weakness in employm…
USD Turns Bid: Euro and Sterling Share Dollar-Bloc and Yen's Pain USD Turns Bid:  Euro and Sterling Share Dollar-Bloc and Yen's Pain Reviewed by Marc Chandler on January 15, 2014 Rating: 5
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Paying the Piper: Cost of the US Government Closure

October 17, 2013
The sixteen day political exercise in Washington is over.  The costs are being tallied.  There are economic and political costs that are worth considering.  
S&P estimates that the government closure will shave 0.6% off Q4 GDP's annualized rate or about $24 bln.  A Reuters poll found a consensus of 0.3% drag.  The logic apparently is that …
Paying the Piper: Cost of the US Government Closure Paying the Piper:  Cost of the US Government Closure Reviewed by Marc Chandler on October 17, 2013 Rating: 5
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Drivers in the Week Ahead

October 13, 2013
The continued partial shutdown of the US government and the risk of default remains the overriding consideration in the global capital markets. There appears to have been limited progress over the weekend.  
This could spark some disappointment and weigh on US dollar and equities on Monday.  Activity will be lighter than usual, as Japan, Hong Kong,…
Drivers in the Week Ahead Drivers in the Week Ahead Reviewed by Marc Chandler on October 13, 2013 Rating: 5
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What Next for US Fiscal Policy: A Dispassionate Discussion

October 10, 2013
We detected a change Tuesday in the US fiscal stalemate.  We think that the movement toward a short-term solution, that buys time for additional negotiation, is continuing.  Despite the rhetoric, there appears to be more common ground than is widely appreciated. 
As the Republican Senator Lindsey Graham observed, the Republican Party tried taking o…
What Next for US Fiscal Policy: A Dispassionate Discussion What Next for US Fiscal Policy:  A Dispassionate Discussion Reviewed by Marc Chandler on October 10, 2013 Rating: 5
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