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China Holiday Offers Markets a Reprieve, Waiting for Draghi

September 03, 2015
The closure of Chinese markets today has removed an agitator and contributed to the calmer tone in the global capital markets.. Sweden's Riksbank's decision to policy on hold has sent the krona up nearly 1% against the US dollar.  It is the big mover.  
On the downside, the Australian dollar is leading the way after a unexpected contraction…
China Holiday Offers Markets a Reprieve, Waiting for Draghi China Holiday Offers Markets a Reprieve, Waiting for Draghi Reviewed by Marc Chandler on September 03, 2015 Rating: 5
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Great Graphic: PBOC Currency Policy from a Different Angle

September 02, 2015
There is much confusion over China's currency policy.  On August 11, the PBOC seemed to signal a desire for a somewhat weaker currency.  The dollar rose by nearly 4% in a two-day move. 
However, after trading broadly sideways for a few sessions, the dollar weakened.  Ahead of the long holiday weekend in China, the dollar slipped to its lowest l…
Great Graphic: PBOC Currency Policy from a Different Angle Great Graphic:  PBOC Currency Policy from a Different Angle Reviewed by Marc Chandler on September 02, 2015 Rating: 5
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Calmer Markets but Sense of Foreboding still Strong

September 02, 2015
The capital markets are quieter today.  Equities remain heavy, but losses are comparatively mild.  Core bond yields are slightly softer.  The US dollar is firmer against the major and most emerging market currencies.  
The news stream is light and the main focus before the ECB meeting tomorrow is the US ADP employment estimate.  A 200k increase is …
Calmer Markets but Sense of Foreboding still Strong Calmer Markets but Sense of Foreboding still Strong Reviewed by Marc Chandler on September 02, 2015 Rating: 5
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Great Graphic: US-German 2-Year Spread and the Euro Revisited

September 01, 2015
The euro shot above its 200-day moving average last week for the first time since May 2014.  By the end of the last week it was back below it.  It is found just below $1.13 today, and was surpassed earlier today.  
There are many factors that investors are wrestling.  Some are technical like market positioning. Some of macroeconomic in nature, like…
Great Graphic: US-German 2-Year Spread and the Euro Revisited Great Graphic:  US-German 2-Year Spread and the Euro Revisited Reviewed by Marc Chandler on September 01, 2015 Rating: 5
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Back to Crisis Mode

September 01, 2015
The semblance of stability that had seemed to return to the global capital markets has ended abruptly.  Nearly every major country that has reported August manufacturing PMI except Germany, has disappointed.  China's manufacturing PMI hit a three year low (49.7 vs 50.0 in July).  Global equities have slid, and a sharply lower opening is antici…
Back to Crisis Mode Back to Crisis Mode Reviewed by Marc Chandler on September 01, 2015 Rating: 5
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