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Thursday's Thoughts

September 15, 2011
The US dollar is slightly firmer as Thursday's European session gets under way.  The dollar peaked on Monday and has drifted lower this week.  Asia consolidated and Europe appears poised to take the dollar lower.   If the euro does rise above the $1.3780-$1.3800 area, the next corrective objective is near $1.39.   Sterling appears to have bott…
Thursday's Thoughts Thursday's Thoughts Reviewed by Marc Chandler on September 15, 2011 Rating: 5
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Thought on Russia's Repo Rate Cut

September 15, 2011
Russia cut its repo rate yesterday (25 bp to 5.25%), the first cut in 15 months. It is tempting to put it in the context of Turkey and Brazil's recent rate cuts. However, we see Russia's move in slightly different terms. It seems to be more of a technical response to the tighter ruble liquidity than a bona fide move to ease monetary policy…
Thought on Russia's Repo Rate Cut Thought on Russia's Repo Rate Cut Reviewed by Marc Chandler on September 15, 2011 Rating: 5
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What to Look for if the Market Wants to Challenge the SNB

September 13, 2011
Since Sept 6, when the SNB surprised the world by putting a floor under the euro at CHF1.20, the market has not deigned to challenge it, despite the continuing pressure in the euro zone debt markets, where spreads continue to widen and CDS prices continue to rise. This is true for banks, many corporates, along with sovereigns. So while the condit…
What to Look for if the Market Wants to Challenge the SNB What to Look for if the Market Wants to Challenge the SNB Reviewed by Marc Chandler on September 13, 2011 Rating: 5
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Turn Around Tuesday--Half Right

September 13, 2011
The euro and sterling did recover in late US yesterday and into the Asian session today.  The euro reached $1.3696, close to the initial objective of $1.37 and sterling rose to $1.5870, close but shy of the $1.59 initial target.  However, neither currency was able to sustain the gains through the European session. 
French bank shares have come und…
Turn Around Tuesday--Half Right Turn Around Tuesday--Half Right Reviewed by Marc Chandler on September 13, 2011 Rating: 5
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Table Being Set for Turn-Around Tuesday

September 12, 2011
Often it seems that when the currency markets are trending, Friday is a trend day in the sense that the dollar moves in the direction of the underlying trend.  Monday then often sees some follow through in that same direction but runs out of steam and Tuesday reverses the near-term trend.  This pattern seems to be playing itself out again now.  
Th…
Table Being Set for Turn-Around Tuesday Table Being Set for Turn-Around Tuesday Reviewed by Marc Chandler on September 12, 2011 Rating: 5
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