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Deep Dive: Financial Repression Reconsidered Deep Dive: Financial Repression Reconsidered Reviewed by Marc Chandler on January 17, 2013 Rating: 5
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Euro Bounces Back

January 17, 2013
Like a beach ball pushed under water, the euro has bounced back across the board as Juncker's ill-thought comments were isolated and overwhelmed by reports of new buyers--from the Middle East to hedge funds and real money--taking advantage of the dip to get with what is understood to be the underling trend.  Short-term momentum and trend follo…
Euro Bounces Back Euro Bounces Back Reviewed by Marc Chandler on January 17, 2013 Rating: 5
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Great Graphic: Euro and Value

January 16, 2013
This Great Graphic is a monthly chart of the euro from Bloomberg, with a 120- month (ten-year) moving average.  It comes in now just below $1.32. 
In their pure form currencies do not have an income stream, making valuation more elusive.  Economists have derived many equilibrium models around which currencies ought to gravitate around in the lon…
Great Graphic: Euro and Value Great Graphic: Euro and Value Reviewed by Marc Chandler on January 16, 2013 Rating: 5
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Talk Drives Unwinding of FX Positions

January 16, 2013
After relatively large moves in the foreign exchange market since nearly the start of the year, participants were particularly vulnerable to commentary that encouraged a reversal of trend.  Japan's Amari got the ball rolling, suggesting that the yen's decline has been sufficient and that excessive strength had been corrected.  This encoura…
Talk Drives Unwinding of FX Positions Talk Drives Unwinding of FX Positions Reviewed by Marc Chandler on January 16, 2013 Rating: 5
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Great Graphic: US Seniorage

January 15, 2013
This Great Graphic was part of Bruce Bartlett's post on the NY Times Economix blog.   It charts the Federal Reserve's annual payment to the Treasury.  
The sharp increase in recent years recent years reflects the increase in the Fed's balance sheet.   The Federal Reserve is obligated to return its earnings in excess of its operational…
Great Graphic: US Seniorage Great Graphic: US Seniorage Reviewed by Marc Chandler on January 15, 2013 Rating: 5
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Great Graphic: Turn Around Tuesday: Now What?

January 15, 2013
What began off as a consolidative in the Asian session and European morning has turned into a correction.  We suspect that bottom pickers will emerge in the euro ahead of $1.33.  Assuming that stop loss selling has exhausted itself, a test on the upside comes in near $.13360. 
This Great Graphic (made on Bloomberg) shows the 7-month uptrend in st…
Great Graphic: Turn Around Tuesday: Now What? Great Graphic: Turn Around Tuesday: Now What? Reviewed by Marc Chandler on January 15, 2013 Rating: 5
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Yen Bounce Featured in Consolidative Session

January 15, 2013
Most of the major currencies are consolidating within yesterday's trading ranges.  The main feature has been comments from Japan's Minister of Economic Revival that appeared to declare victory in the government's attempt to weaken the yen.  News wires quoted him saying that the yen had corrected its excessive rise and was currently in…
Yen Bounce Featured in Consolidative Session Yen Bounce Featured in Consolidative Session Reviewed by Marc Chandler on January 15, 2013 Rating: 5
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Chinese Official Hints at Easier Access to Mainland Markets

January 14, 2013
The Chairman of China Securities Regulatory Commission (similar to the US SEC) said that China can increase by 10-fold the size of the two main channels by which foreign investors buy mainland financial assets.    
It can, Guo Shuqing said, increase quotas under the Qualified Foreign Institutional Investors and the Renminbi Qualified Foreign Inst…
Chinese Official Hints at Easier Access to Mainland Markets Chinese Official Hints at Easier Access to Mainland Markets Reviewed by Marc Chandler on January 14, 2013 Rating: 5
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Six Considerations Shaping the Capital Markets

January 14, 2013
The underlying trends seen this year have continued, but after strong follow through in Asia, a more subdued tone has been seen in Europe.  The US dollar is generally softer, except against the yen and sterling.  Japanese markets were closed for holiday, but the MSCI Asia-Pacific Index rose almost 0.3%, lifted by more than a 3% rally in China on …
Six Considerations Shaping the Capital Markets Six Considerations Shaping the Capital Markets Reviewed by Marc Chandler on January 14, 2013 Rating: 5
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