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Thursday's Drivers

September 26, 2013
The US dollar appears somewhat firmer today, but is in fact consolidating.  Against most of the major and emerging market currencies, it remains largely confined to yesterday's ranges.  The downside momentum that had threatened to build has dissipated.  
One of our thematic points was that the next leg up for the dollar might be more driven by …
Thursday's Drivers Thursday's Drivers Reviewed by Marc Chandler on September 26, 2013 Rating: 5
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Thoughts on Hump Day

September 25, 2013
Investors continue to wrestle with the implications of the Federal Reserve's decision last week not to taper. What is being generally overlooked is that a full third of the market, according to various polls, did not expect the Fed to taper.  
Many journalists were surprised, and this seems to be coloring their coverage. For example, just ye…
Thoughts on Hump Day Thoughts on Hump Day Reviewed by Marc Chandler on September 25, 2013 Rating: 5
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Italy's Problems Persist Despite Post-Fed Relief Rally

September 24, 2013
Italy's benchmark 10-year bond yield has fallen about 20 bp since the Fed's decision not to taper and it has moved back below comparable Spanish yields, but its problems have not diminished.  Rumors of a downgrade that circulated in the European afternoon reflect ongoing concerns.  
S&P had cut Italy's sovereign rating to BBB in Ju…
Italy's Problems Persist Despite Post-Fed Relief Rally Italy's Problems Persist Despite Post-Fed Relief Rally Reviewed by Marc Chandler on September 24, 2013 Rating: 5
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Great Graphic: US Deleveraging, Europe Still Leveraging?

September 24, 2013
This Great Graphic was posted on Business Insider by Sam Lo, who got it from Neil McLeish, a fixed income analyst at Morgan Stanley.  It depicts total debt (household, financial firms, corporates and government, divided by GDP).  Most of the chart (yellow line) tracks the US, though more recent European date is included (green line).  
The rising…
Great Graphic: US Deleveraging, Europe Still Leveraging? Great Graphic: US Deleveraging, Europe Still Leveraging? Reviewed by Marc Chandler on September 24, 2013 Rating: 5
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Dollar Drifts Higher Amid Man Bites Dog News Flows

September 24, 2013
The US dollar is generally firm, though gains against the antipodeans and sterling are somewhat larger. These were the currencies that had been the strongest last week, and the stalling of the upside momentum, rather than fresh fundamental developments appear to be the major catalyst.
The euro posted an outside down day yesterday (trading on bot…
Dollar Drifts Higher Amid Man Bites Dog News Flows Dollar Drifts Higher Amid Man Bites Dog News Flows Reviewed by Marc Chandler on September 24, 2013 Rating: 5
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