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Japan and China: Small Beer

December 26, 2011
The main financial development over the Christmas holiday was an apparent agreement between Japan and China on a wide range of financial issues. The two key aspects are an effort to settle more of the bilateral trade in yen or yuan and that Japan will apply to buy Chinese bonds next year.
Japanese officials had already signaled interest in buying …
Japan and China: Small Beer Japan and China: Small Beer Reviewed by Marc Chandler on December 26, 2011 Rating: 5
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Happy Holidays from Marc to Market!

December 25, 2011
Well I'm Jewish, but my webmaster (and let's face it she is running the show here) thought I should put some holiday spirit on the site. So I give you Last Christmas by Wham! as the (clearly superior) Taylor Swift cover doesn't have a music video.

Happy Holidays from Marc to Market! Happy Holidays from Marc to Market! Reviewed by magonomics on December 25, 2011 Rating: 5
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Consolidation in FX

December 22, 2011
A consolidative tone has emerged after yesterday's powerful reversals after the warm reception to the initiation of the ECB's 3-year funding facility. Although the argument advanced in this space is that banks will 1) use the funds as a liquidity cushion, 2) service own liabilities, and 3) to the limited extent they increase sovereign bond…
Consolidation in FX Consolidation in FX Reviewed by Marc Chandler on December 22, 2011 Rating: 5
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More Thoughts on ECB's Liquidity Provisions

December 21, 2011
Many observers seem to be looking at the 523 banks that took 489.1 bln euros from the ECB's 3-year repo operation and recognize it to be on the upper end of expectations. Yet the situation is more complicated and the injection of new liquidity is not nearly as much.
Note that the ECB provided funds in three different facilities. 169 bln was …
More Thoughts on ECB's Liquidity Provisions More Thoughts on ECB's Liquidity Provisions Reviewed by Marc Chandler on December 21, 2011 Rating: 5
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Classic Buy Rumor Sell Fact after LTRO

December 21, 2011
The euro extended its rally to a six day high, just shy of $1.32 before the results of the ECB's allotment.  The results were at the upper end of expectations and the euro was returned to session  lows.  A classic buy the rumor of a strong demand and sell the fact.  Expectations seemed to have crept higher.    The larger short squeeze in the …
Classic Buy Rumor Sell Fact after LTRO Classic Buy Rumor Sell Fact after LTRO Reviewed by Marc Chandler on December 21, 2011 Rating: 5
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