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Politics Drives FX , Safe Havens Sought

February 22, 2011
The events in the Middle East and Northern Africa are the main spur of market action. The position adjusting pressures that had sent the euro nearly two cents from the high seen earlier yesterday ran into hawkish comments from ECB's Mersch that spurred the short-covering bounce in mid-morning turnover in Europe. Mersch hinted that the ECB may …
Politics Drives FX , Safe Havens Sought Politics Drives FX , Safe Havens Sought Reviewed by Marc Chandler on February 22, 2011 Rating: 5
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Kitco News: Currency Wars Kitco News: Currency Wars Reviewed by magonomics on February 21, 2011 Rating: 5
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President's Day Comment

February 21, 2011
Foreign Exchange: The US dollar is posting modest gains against most of the major currencies as geopolitical concerns blunt the impact of stronger than expected euro zone flash PMI and German IFO reports. The euro extended last week's gains to almost $1.3730 in this pre-Asia activity, retreated and then had another try at it in early Europe, b…
President's Day Comment President's Day Comment Reviewed by Marc Chandler on February 21, 2011 Rating: 5
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CNBC: G20 Finance Ministers Meet CNBC: G20 Finance Ministers Meet Reviewed by magonomics on February 18, 2011 Rating: 5
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Watch the Hamburgers

February 17, 2011
The German city-state of Hamburg goes to to polls this weekend. It is the first of seven state elections this year ahead of next year's national campaign. Next year promises to be a momentous year in politics and it is a theme I will return to, but consider for a moment that in addition to being the end of the Mayan calendar, the US, Germany, …
Watch the Hamburgers Watch the Hamburgers Reviewed by Marc Chandler on February 17, 2011 Rating: 5
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FOMC Minutes and FX

February 16, 2011
As hinted by the FOMC statement last month, the minutes showed the Fed is a bit more optimistic about growth this year--forecasting 3.4%-3.9% growth vs 3.0%-3.6% previously. The inflation forecasts look essentially unchanged at 1.3%-1.7%. That said, the risks of deflation have diminished. The minutes also confirm that the a minority at the Fed are…
FOMC Minutes and FX FOMC Minutes and FX Reviewed by Marc Chandler on February 16, 2011 Rating: 5
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Sterling Spanked

February 16, 2011
Following soft consumer confidence and employment data, the Bank of Enlgand's inflation report failed to satisfy the sterling bulls, who have had the upper hand in the foreign exchange market, and the rate hawks, who have had their way in the debt market. The BOE maintained its view that CPI will be below target in 2-years time at 1.7% compare…
Sterling Spanked Sterling Spanked Reviewed by Marc Chandler on February 16, 2011 Rating: 5
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More Thinking about BBK and ECB

February 15, 2011
It is now widely expected that Merkel's economic advisor Jens Weidmann will be named tomorrow as Weber's successor at the helm of the Bundesbank. There is some marginal concern that his close relationship with Merkel jeopardizes the BBK's independence. While perhaps not ideal, it is unlikely to derail the appointment. However, it does …
More Thinking about BBK and ECB More Thinking about BBK and ECB Reviewed by Marc Chandler on February 15, 2011 Rating: 5
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TIC Data December--2nd Month QEII, Little Impact

February 15, 2011
Foreign purchases of US assets was a bit stronger than expected at $48.2 bln. This is 10% more than the market anticipated and 30%+ above Nov's $35.6 bln. Demand for longer-term securities slipped to $66 bln from $85 bln, but was well above the $40 bln expected. Central banks sold $45 bln of US securities after selling almost $41 bln in Nov. T…
TIC Data December--2nd Month QEII, Little Impact TIC Data December--2nd Month QEII, Little Impact Reviewed by Marc Chandler on February 15, 2011 Rating: 5
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