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US Dollar Loses Momentum Ahead of the Weekend

May 25, 2018
The euro and sterling were sold through yesterday's lows in Asia, but rebounded in Europe, with the help of mildly constructive data in the form of the German IFO and details of UK Q1 GDP.   The IFO climate measure matched the April reading and thereby snapped a five-month slide.  The expectations component slipped, but the current assessment …
US Dollar Loses Momentum Ahead of the Weekend US Dollar Loses Momentum Ahead of the Weekend Reviewed by Marc Chandler on May 25, 2018 Rating: 5
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Argentine Stability Remains Tenuous

May 24, 2018
(from my colleague Dr. Win Thin)
INTRODUCTION
Argentina has been able to inject some stability into its markets with several aggressive moves.  Yet the situation remains precarious.  We believe a quick IMF deal followed by adherence to program targets are necessary but not sufficient conditions to make this stability more durable.  Argentina is li…
Argentine Stability Remains Tenuous Argentine Stability Remains Tenuous Reviewed by Marc Chandler on May 24, 2018 Rating: 5
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Europe's Sovereign Bond-Backed Securities

May 24, 2018
It has been discussed for several weeks, and today the European Commission unveiled a proposal for a new asset-backed security.  The backing would be sovereign bonds weighted by the size of the economy.  
This may sound like mutualization of risk, but it is no such thing.  These new securities are not Eurobonds. The EC is calling on the private sec…
Europe's Sovereign Bond-Backed Securities Europe's Sovereign Bond-Backed Securities Reviewed by Marc Chandler on May 24, 2018 Rating: 5
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Greenback Pushes Lower

May 24, 2018
The US dollar is pulling back after recording new highs for the year against the euro and sterling.  The greenback is lower against nearly all the major currencies, but the Canadian dollar.  It is also softer against most of the emerging market currencies.  The chief exception is the Turkish lira.  Yesterday's 300 bp rate hike could only stem …
Greenback Pushes Lower Greenback Pushes Lower Reviewed by Marc Chandler on May 24, 2018 Rating: 5
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Merkel: Is She a Xi?

May 23, 2018
After visiting Russia's Putin earlier this week, German Chancellor Merkel is calling on China's President Xi at the end of the week. Merkel and Xi are savvy politicians, and both have raised a simple practice to a high art form:  don't stop adversaries from shooting themselves in the foot.  
China may be among the largest beneficiaries …
Merkel: Is She a Xi? Merkel: Is She a Xi? Reviewed by Marc Chandler on May 23, 2018 Rating: 5
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