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CNBC: The Monday Markets CNBC: The Monday Markets Reviewed by magonomics on January 30, 2011 Rating: 5
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CNBC: Violence in Egypt, Volatility Everywhere Else CNBC: Violence in Egypt, Volatility Everywhere Else Reviewed by magonomics on January 30, 2011 Rating: 5
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The Internationalization of the Yuan or the Sino-ification of Hong Kong?

January 30, 2011
One of the fundamental characteristics of the global financial architecture is that the world’s second largest economy maintains a rigidly controlled currency. The concept of currency wars, as initially articulated last year, seemed to have been a criticism of the easy monetary policy of the Federal Reserve, but is being appropriated and used as …
The Internationalization of the Yuan or the Sino-ification of Hong Kong? The Internationalization of the Yuan or the Sino-ification of Hong Kong? Reviewed by Marc Chandler on January 30, 2011 Rating: 5
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Euro Slides on Long Liquidation, ECB Noises

January 28, 2011
Liquidation of the euro is leading the dollar advance today. The pace of the euro's decline seems to confirm what the option pricing had warned of, namely that longs were getting increasingly concerned. The precipitating factor is not clear.
Some are linking the move to social tensions in Egypt. There is talk, unsubstantiated of SNB intervenin…
Euro Slides on Long Liquidation, ECB Noises Euro Slides on Long Liquidation, ECB Noises Reviewed by Marc Chandler on January 28, 2011 Rating: 5
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US Growth Curbed by Huge Swing in Inventories

January 28, 2011
At 3.2% the Q4 US GDP came in a bit lower than expected. Inventories were the main reason for the miss. In terms of inventory, the key is the change in the change. Inventories rose a little more than $7 bln in Q4 after a $121.4 bln rate in Q3. This subtracted 3.7 percentage points from growth--the most since the late 1980s. Final sales, which is G…
US Growth Curbed by Huge Swing in Inventories US Growth Curbed by Huge Swing in Inventories Reviewed by Marc Chandler on January 28, 2011 Rating: 5
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US GDP, Japan, and Observations on Europe

January 28, 2011
The initial release of Q4 US GDP is the main economic highlight left of the week. The consensus is for 3.5%-3.6% print, which would be the fastest growth in about 3 years. The risk is that the market is disappointed, as recent trade and inventory data would have suggested economists should trim their forecasts a bit and yet the consensus does not …
US GDP, Japan, and Observations on Europe US GDP, Japan, and Observations on Europe Reviewed by Marc Chandler on January 28, 2011 Rating: 5
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Switzerland and India, Really...?

January 27, 2011
A number of Indian banks have begun issuing Swiss franc denominated bonds, ostensibly to raise cheap funds and meet the demand in Europe for emerging market debt. Reports suggest that this is the first of such issues in almost a quarter of a century.
While Indian banks seem well capitalized presently, the new international rules will require them …
Switzerland and India, Really...? Switzerland and India, Really...? Reviewed by Marc Chandler on January 27, 2011 Rating: 5
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Euro Outlook

January 27, 2011
The dollar's strong rally in the first week of the year seems like ancient history now, overtaken by the swing in interest rate expectations and sentiment toward European officials ability to get ahead of the curve of market expectations. I am less sanguine about these developments, but see little indication that the pendulum is done swinging.…
Euro Outlook Euro Outlook Reviewed by Marc Chandler on January 27, 2011 Rating: 5
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Today's Outlook

January 27, 2011
There are two noteworthy developments today: S&P cut Japan's sovereign rating one notch to AA-, citing the lack of a coherent fiscal strategy, and the continued heavy tone of the dollar. The S&P downgrade was surprising especially in the timing. The BOJ had increased its growth forecast for the current fiscal year to 3.3% from 2.1% ear…
Today's Outlook Today's Outlook Reviewed by Marc Chandler on January 27, 2011 Rating: 5
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