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Petro-Yuan? Really?

December 24, 2017
The launch of futures on Bitcoins was rushed so quickly through the regulatory channels that the anticipation was short-lived.  And as the recent price action amply demonstrates, the existence of a derivative market has not tamed the digital token's volatility.  It is still the early days, but Bitcoin futures do not look likely to change the w…
Petro-Yuan? Really? Petro-Yuan? Really? Reviewed by Marc Chandler on December 24, 2017 Rating: 5
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No Santa Rally for Greenback?

December 23, 2017
The US dollar struggled the week before Christmas, despite the final approval of tax changes and a backing up of US interest rates.  The dollar fell against most of the major currencies except the Japanese yen.  The yen is particularly sensitive to changes in the US 10-year yield and the 14 bp increase over the past week, the most in Q4, kept the …
No Santa Rally for Greenback? No Santa Rally for Greenback? Reviewed by Marc Chandler on December 23, 2017 Rating: 5
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Emerging Markets: What has Changed

December 22, 2017
(from my colleague Dr. Win Thin) Fitch upgraded Indonesia by a notch to BBB with stable outlook.EU-Poland tensions entered a new phase.Cyril Ramaphosa was elected as the new ANC President over opponent Nkosazana Dlamini-Zuma.Argentina’s lower house approved President Macri’s pension reform bill.Sebastian Pinera won the Chilean presidency in the se…
Emerging Markets: What has Changed Emerging Markets: What has Changed Reviewed by Marc Chandler on December 22, 2017 Rating: 5
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MACRO: Twenty-Eighteen

December 21, 2017
 Resiliency

 This past year turned out to be quite a bit better than many had feared.The populist-nationalist wave did not sweep across Europe.It was a key risk a year ago, after the UK referendum and the US election, and spurred underperformance by the eurozone.The US exited the multilateral Trans-Pacific Partnership (TPP) that had been years in th…
MACRO: Twenty-Eighteen MACRO: Twenty-Eighteen Reviewed by Marc Chandler on December 21, 2017 Rating: 5
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Dollar Slips Lower in Dull Dealings

December 20, 2017
The US dollar is softening in the North American session.  Rising US yields appear to be giving the greenback a thin slice of support against the Japanese yen, against which is it trading at a five-day high above JPY113.00.   
The fundamental backdrop seems more favorable for the dollar than the price action.  It is not only the macro picture of fi…
Dollar Slips Lower in Dull Dealings Dollar Slips Lower in Dull Dealings Reviewed by Marc Chandler on December 20, 2017 Rating: 5
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