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Swiss Anomaly: Still Negative Nominal Rates?

January 29, 2013
A dominant meme in the foreign exchange market is that the world has taken an important step away from the edge of the abyss.  It may have been led by three words from ECB's Draghi (as in "whatever it takes"), but has been complimented by a number of other steps, including the IMF mea culpa for under-estimated the fiscal multiplier,…
Swiss Anomaly: Still Negative Nominal Rates? Swiss Anomaly:  Still Negative Nominal Rates? Reviewed by Marc Chandler on January 29, 2013 Rating: 5
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Great Graphic: What are Chinese Consumers Buying?

January 29, 2013
This Great Graphiccomes from the Financial Times, which drew it from Euromonitor.  The charts look at three categories of consumer goods, beauty and personal care, packaged food and soft drinks.  
Western aesthetic are a powerful draw and western brands dominate the beauty and personal care products.  The market share of these top five firms has i…
Great Graphic: What are Chinese Consumers Buying? Great Graphic:  What are Chinese Consumers Buying? Reviewed by Marc Chandler on January 29, 2013 Rating: 5
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Flattish Consolidation Featured

January 29, 2013
The potential for turnaround Tuesday is resolving itself into flattish consolidation in the foreign exchange market.  The light news stream is also denying participants of fresh trading incentives.  The strongest of the major currencies today, the yen, Australian dollar and British pound have been the weakest in recent sessions.  The week's b…
Flattish Consolidation Featured Flattish Consolidation Featured Reviewed by Marc Chandler on January 29, 2013 Rating: 5
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Great Graphic: Central Bank Balance Sheet Changes

January 28, 2013
This Great Graphic was posted on Sober Look, which got it from Credit Suisse.    It shows the change in central bank balance sheets over the past six months. 
Going forward, the Bank of England has ended its gilt purchase program and the bar to resuming it seems relatively high here in Q1.  The pace of BOJ asset purchases may accelerate a bit af…
Great Graphic: Central Bank Balance Sheet Changes Great Graphic:  Central Bank Balance Sheet Changes Reviewed by Marc Chandler on January 28, 2013 Rating: 5
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The Explanatory Power of Interest Rate Developments

January 28, 2013
The euro has risen almost 2% against the US dollar thus far this year, while the yen has fallen about 4.5% against the greenback.  Beneath this divergence may be a common consideration:  Interest rate developments.  
One of the key developments has been the steep backing up of short-term European interest rates.  Consider that the implied yield o…
The Explanatory Power of Interest Rate Developments The Explanatory Power of Interest Rate Developments Reviewed by Marc Chandler on January 28, 2013 Rating: 5
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Contours of the FX Markets in the Week Ahead

January 28, 2013
There are two main forces shaping exchange rates.  The first is the continued depreciation of the Japanese yen and the second is the appreciation of the euro.  
The newly elected government in Japan is pursuing an aggressive stimulative policy to strengthen the economy and finally arrest deflation.  Many, however, doubt that the combination of ne…
Contours of the FX Markets in the Week Ahead Contours of the FX Markets in the Week Ahead Reviewed by Marc Chandler on January 28, 2013 Rating: 5
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Great Graphic: Behavior of US Capital

January 27, 2013
This Great Graphic comes from the Economist's Buttonwood blog, which in turn, it got from Andrew Lapthorne, a Societe Generale economist.  Together they tell an interesting story about the behavior of Corporate America that is consistent with the sketch we provided in our skeptical response to arguments of financial repression. 
Beginning wit…
Great Graphic: Behavior of US Capital Great Graphic:  Behavior of US Capital Reviewed by Marc Chandler on January 27, 2013 Rating: 5
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Cool Video: Potential in Action Cool Video:  Potential in Action Reviewed by Marc Chandler on January 26, 2013 Rating: 5
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Currency Positioning and Technical Outlook: Interesting Contrarian Opportunities Currency Positioning and Technical Outlook: Interesting Contrarian Opportunities Reviewed by Marc Chandler on January 26, 2013 Rating: 5
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