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Capital Market Drivers

October 05, 2010
The RBA left rates steady, confounding market expectations and this led to a sharp sell-off in the Australian dollar, as one would expected. The RBA left the door open to additional easing. The next inflation report is due out Oct 27 and that will play a big role in shaping expectations for a Nov move.
The fundamental case for the Australian dolla…
Capital Market Drivers Capital Market Drivers Reviewed by Marc Chandler on October 05, 2010 Rating: 5
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FX in Nutshell

October 05, 2010
The US dollar rise yesterday looks like a one-day wonder, with the euro returning to the $1.38 area, sterling moving through yesterday’s highs and the Swiss franc at new record highs vs the greenback.
The Australian dollar is under-performing following the Reserve Bank of Australia’s decision not to hike rates as had been widely expected. The Bank…
FX in Nutshell FX in Nutshell Reviewed by Marc Chandler on October 05, 2010 Rating: 5
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ECB Winding Down or Winding Up?

October 04, 2010
A couple of ECB officials have indicated that when the extraordinary liquidity provisions expire at the end of the end of the year, they will not be renewed. Officials drew comfort in the recent news that the stock of bank loans accelerated in August. That European banks are weaning themselves off the special liquidity provisions is likely reinfor…
ECB Winding Down or Winding Up? ECB Winding Down or Winding Up? Reviewed by Marc Chandler on October 04, 2010 Rating: 5
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Swiss Developments and a bit of Hungary

October 04, 2010
There are several developments in Switzerland that investors should be aware of today.
First, Germany and Switzerland appear to have struck the basis for an agreement on a new tax treaty. This generally seen as Swiss franc negative and was cited as a factor for euro gains against the Swiss franc before the weekend.
Swiss Developments and a bit of Hungary Swiss Developments and a bit of Hungary Reviewed by Marc Chandler on October 04, 2010 Rating: 5
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Euro Correction or Reversal?

October 04, 2010
The key question today is whether the setback in the euro, after a marginal new high was recorded in early Asia above $1.3800, or if it is the start of a more sustained correction. Since September 10, the euro has advanced more than 9%.
In the three weeks since then, the euro has fallen one day in each week. The Commitment of Traders data released…
Euro Correction or Reversal? Euro Correction or Reversal? Reviewed by Marc Chandler on October 04, 2010 Rating: 5
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Corrective Pressures Grip the Start of the Week

October 04, 2010
The US dollar is enjoying a firmer tone, but has remained confined to its pre-weekend trading ranges. The euro is the hardest hit and although Nobel prize-winning economist Stiglitz pressed his pessimistic outlook for the euro zone and especially Spain, the market reaction outside of foreign exchange has been quite limited.
Corrective Pressures Grip the Start of the Week Corrective Pressures Grip the Start of the Week Reviewed by Marc Chandler on October 04, 2010 Rating: 5
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Rare Earths: The New Sputnik

October 01, 2010
The years of the Great Moderation had lulled us to sleep. The modern, dynamic, global economy has many vulnerabilities. The ongoing crisis demonstrates the fragility of the financial sector. High food and energy prices are also threats.
Another vulnerability has come to the forefront in recent weeks. Many goods that use modern technology, such as …
Rare Earths: The New Sputnik Rare Earths: The New Sputnik Reviewed by Marc Chandler on October 01, 2010 Rating: 5
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The More Considered Take

October 01, 2010
The US’s dollar’s slide that began in earnest in early September is set to continue. The prospects of QEII are deeply engrained. Some observers are emphasizing the sell-off in US Treasuries after the stronger Chicago PMI, but it seems the recovery was just as impressive. There seem to be two elements capture the forces at work.
First, the euro con…
The More Considered Take The More Considered Take Reviewed by Marc Chandler on October 01, 2010 Rating: 5
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FX in a Nut Shell

October 01, 2010
The US dollar is suffering broad losses. Signs that European growth are moderating or that an Australian rate hike next week is not as easy of a call as it appeared a few days ago has done nothing to dent the persistent appetite for the major foreign currencies. Even a sub-50 reading on South Africa’s PMI did not deter rand purchases against the d…
FX in a Nut Shell FX in a Nut Shell Reviewed by Marc Chandler on October 01, 2010 Rating: 5
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