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Japan: Slip Sliding Away

November 13, 2012
There is a stark contrast between the deterioration of the political and economic environment in Japan and the relative strength of the yen.  The mystery is resolved by recognizing that the drivers of the yen's exchange rate has little to do with the macro-fundamentals in Japan and more to do with the general investment climate and interest ra…
Japan: Slip Sliding Away Japan: Slip Sliding Away Reviewed by Marc Chandler on November 13, 2012 Rating: 5
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A Few Observations to Start the New Week

November 12, 2012
The US dollar is little changed against most of the major and emerging market currencies.   Asian equities were mostly lower, while European bourses are decidedly mixed.  Core bond yields are flat to lower, while peripheral bond yields are mostly higher.

The lack of fresh trading incentives and holidays in the US and Canada are contributing to the…
A Few Observations to Start the New Week A Few Observations to Start the New Week Reviewed by Marc Chandler on November 12, 2012 Rating: 5
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Great Graphic: France's Slide

November 11, 2012
Here is a Great Graphic posted on Zero Hedge, which in turn came from JP Morgan research.  It highlights several economic time series from France that shows the deterioration of the French economy since the start of last year.   
It dovetails nicely with our recent note on France.   Our thesis is that with structural reforms taking place  in much o…
Great Graphic: France's Slide Great Graphic: France's Slide Reviewed by Marc Chandler on November 11, 2012 Rating: 5
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Currency Positioning and Technical Outlook: Respect the Price Action

November 10, 2012
The US dollar appears to have broken out of the ranges that  dominated since mid-September against the major currencies, except the Japanese yen and Australian dollar.  

We had not anticipated the break out, believing that the resolution of the US fiscal cliff and the Spain/Greek issues in Europe were not imminent.   Nevertheless, we did recommend…
Currency Positioning and Technical Outlook: Respect the Price Action Currency Positioning and Technical Outlook: Respect the Price Action Reviewed by Marc Chandler on November 10, 2012 Rating: 5
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BOE Eases (slightly)

November 09, 2012
Sterling is being dragged down by the falling euro, but also the Bank of England just said it had eased monetary policy slightly today, which caught the market by surprise.  
The Bank of England announced that it would transfer the interest it collects on the gilts it has bought under QE back to Her Majesty's Treasury.  Treasury, in turn, pla…
BOE Eases (slightly) BOE Eases (slightly) Reviewed by Marc Chandler on November 09, 2012 Rating: 5
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