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ICYMI: Macro-View in 10 Bullet Points

May 31, 2013
1.  The market is getting ahead of itself with ideas the Fed will soon taper its asset purchases.  
2.  A serious tapering discussion cannot take place until September and even then, depending on the data for early Q3,  the discussion need not lead to immediate action.  Talk of tapering serves Fed's purposes and has seen the markets re-price …
ICYMI: Macro-View in 10 Bullet Points ICYMI: Macro-View in 10 Bullet Points Reviewed by Marc Chandler on May 31, 2013 Rating: 5
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Dollar Regains Upper Hand

May 31, 2013
The dollar bulls have shrugged off yesterday's losses and have come storming back today, recouping much of the ground lost. The dollar-bloc and emerging market currencies are under the most pressure, while the yen is bucking the trend. But even here, the dollar's slippage in Asia to a new three week low near JPY100.30 was greeted with ne…
Dollar Regains Upper Hand Dollar Regains Upper Hand Reviewed by Marc Chandler on May 31, 2013 Rating: 5
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Japan: More Output, Less Deflation

May 30, 2013
Japan has released a number of reports early in the Tokyo session that show an economy seemingly on the mend and an easing of deflationary pressures. Ironically, the yen tended to weaken in response, whereas the dollar ostensibly sold off in North America after disappointing US data (downward revision to Q1 GDP and an rise in weekly jobless clai…
Japan: More Output, Less Deflation Japan: More Output, Less Deflation Reviewed by Marc Chandler on May 30, 2013 Rating: 5
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Emerging Markets: What Has Changed

May 30, 2013
(from my colleagues Dr. Win Thin and Ilan Solot)

1) The Brazilian central bank has shown its hawkish side; the focus turns to FX now.
2) Taiwan’s new stimulus plan disappointed markets by not surprising on the upside. 3) Indonesia may start stepping up support for the rupiah soon. 4) Bank of Thailand resumed the easing cycle.
1) The Brazilian centr…
Emerging Markets: What Has Changed Emerging Markets: What Has Changed Reviewed by Marc Chandler on May 30, 2013 Rating: 5
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EM: Bloom is Off the Rose

May 30, 2013
Emerging market equities, as an asset class, is turning in the worst monthly performance since last May, losing about 2.4%, so far. The MSCI Emerging Market (free float) Index is off 5% from the high recorded on May 9 and is about 6.5% below the year's peak reached in early January.
On top of the low measured inflation in the US, despite QE;…
EM: Bloom is Off the Rose EM: Bloom is Off the Rose Reviewed by Marc Chandler on May 30, 2013 Rating: 5
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