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Chinese Yuan Update

November 02, 2010
There are two devleopments in China to note:
1. The yuan appreciated in the spot market earlier today, after staging a relatively large decline yesterday. At today's best dollar level, the yuan had weakened about 0.85% against the dollar over the past two weeks. It seemed that the yuan spot losses were a function of a) more stable tone in the …
Chinese Yuan Update Chinese Yuan Update Reviewed by Marc Chandler on November 02, 2010 Rating: 5
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The Next 36 Hours

November 02, 2010
The US dollar is trading heavily though within the recent ranges against most of the major currencies ahead of the conclusion of the FOMC meeting which is widely expected to result in a new round of long-term asset purchases.
The thunder today has been stolen by the Reserve Bank of Australia. Last month it defied market expectations by not raising…
The Next 36 Hours The Next 36 Hours Reviewed by Marc Chandler on November 02, 2010 Rating: 5
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Greek Woes

November 01, 2010
Sunday Greek deputy Prime Minister Pangalos told a local paper that in theory debt restructuring should not be completely ruled out, though the deficit would need to be dealt with first. He argued against "demonizing" debt restructuring.
This obviously has antagonized investors. The Greek 10-year yield rose 18 bp today after rising 120 b…
Greek Woes Greek Woes Reviewed by Marc Chandler on November 01, 2010 Rating: 5
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Yen and Japanese Corporate Earnings

November 01, 2010
The strength of the yen is negative for the Japanese economy because it reinforces the deflationary forces and hurts corporate earnings may making exports less competitive. This is fine on a certain level of abstraction, deducing from first economic principles. The problem is in the details.
Three important Japanese companies with large foreign sa…
Yen and Japanese Corporate Earnings Yen and Japanese Corporate Earnings Reviewed by Marc Chandler on November 01, 2010 Rating: 5
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The Big Week Begins

November 01, 2010
The US dollar starts a critical week on the defensive. A new round of long-term asset purchases by the Federal Reserve coupled with a stronger than expected Chinese PMI weighed on the dollar and encouraged purchasing of so-called risk assets. Although the euro has flirted with the $1.40 level, we note it has only managed to close (the North Americ…
The Big Week Begins The Big Week Begins Reviewed by Marc Chandler on November 01, 2010 Rating: 5
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