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Speculators Buy Euros and Pesos while Selling Yen, Sterling and Aussie

March 18, 2017
(I am beginning a three-week business trip to Asia, so, while committed to the blog, the updates will be irregular. Thanks for your patience.).


Speculators were busy in the futures market in the CFTC reporting period that covered the US jobs data and the run-up to the FOMC meeting.Of the 16 gross speculative positions we track, seven were adjusted …
Speculators Buy Euros and Pesos while Selling Yen, Sterling and Aussie Speculators Buy Euros and Pesos while Selling Yen, Sterling and Aussie Reviewed by Marc Chandler on March 18, 2017 Rating: 5
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Dollar's Technical Tone has Deteriorated

March 18, 2017
The failure of the Fed to signal an increased pace of normalization and the prospects of other central banks raising rates spurred dollar losses, which deteriorated its technical outlook. 
The Dollar Index has been sold through the 61.8% retracement (~100.40) of the rally since February 2 low near 99.25.   If the 100-level is breached now, a return…
Dollar's Technical Tone has Deteriorated Dollar's Technical Tone has Deteriorated Reviewed by Marc Chandler on March 18, 2017 Rating: 5
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Emerging Markets: What has Changed

March 17, 2017
(from my colleague Dr. Win Thin)
The PBOC increased the rates it charges for OMO and MLF by 10 bp. Indian Prime Minister Modi’s BJP won elections in the state of Uttar Pradesh. Czech central bank broached the possibility of a koruna cap exit later than mid-2017. Kuwait became the first OPEC member to call for extended output cuts. Moody's ra…
Emerging Markets: What has Changed Emerging Markets: What has Changed Reviewed by Marc Chandler on March 17, 2017 Rating: 5
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Status of US Pivot To Asia

March 17, 2017
The Obama Administration tried restarting US-Russian relations with little success.  The inability to secure the European flank weakened the pivot to Asia.  The  Trans-Pacific Partnership was to solidify the economic dimension of the pivot.  Now that the US formally has withdrawn from TPP negotiations,  many are unsure of the status of this initia…
Status of US Pivot To Asia Status of US Pivot To Asia Reviewed by Marc Chandler on March 17, 2017 Rating: 5
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Dollar Remains Heavy

March 17, 2017
The dollar is softer against most of the major currencies to cap a poor weekly performance.  The Dollar Index is posting what may be its biggest weekly loss since last November.  
The combination of the Federal Reserve not signaling an acceleration of normalization, while the market remains profoundly skeptical of even its current indications, and …
Dollar Remains Heavy Dollar Remains Heavy Reviewed by Marc Chandler on March 17, 2017 Rating: 5
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