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Narrow Ranges Prevail

July 25, 2018
The US dollar is trapped in narrow trading ranges. That itself is news.  At the end of last week ago, the US President seemed to have opened another front in his campaign to re-orient US relationships by appearing to talk the dollar down.  Contrary to fears, and media headlines of a currency war, the dollar is fairly stable. And, looking at at the…
Narrow Ranges Prevail Narrow Ranges Prevail Reviewed by Marc Chandler on July 25, 2018 Rating: 5
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Great Graphic: Is the Euro's Consolidation a Base?

July 24, 2018
Speculators in the futures market are still net long the euro.  They have not been net short since May 2017.  In the spot market, the euro approached $1.15 in late-May and again in mid-June.  Last week's it dipped below $1.16 for the first time in July and Trump's criticism of Fed policy saw it recover.  Yesterday it reached $1.1750 before…
Great Graphic: Is the Euro's Consolidation a Base? Great Graphic:  Is the Euro's Consolidation a Base? Reviewed by Marc Chandler on July 24, 2018 Rating: 5
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Japan's Bind: Making Unorthodox Conventional

July 24, 2018
On September 21, 2016, the Bank of Japan complemented its Quantitative and Qualitative Easing with Yield Curve Control.  The BOJ began targeting the 10-year yield at zero, allowing it to move around 10 basis points away.  
It took the market a bit of time to adjust, but it did.  In fact, the BOJ has been able to gradually reduce the amount of bond …
Japan's Bind: Making Unorthodox Conventional Japan's Bind:  Making Unorthodox Conventional Reviewed by Marc Chandler on July 24, 2018 Rating: 5
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China Turns To Domestic Stimulus, Weighs on Yuan but Lifts Stocks

July 24, 2018
Following a record injection via the medium-term lending facility yesterday, China's officials unveiled a set of policies designed to support the weakening economy that soon could face a substantial drag from US tariffs.  The effort focuses on boosting domestic demand.  Measures include targetted tax cuts and accelerating new infrastructure.  …
China Turns To Domestic Stimulus, Weighs on Yuan but Lifts Stocks China Turns To Domestic Stimulus, Weighs on Yuan but Lifts Stocks Reviewed by Marc Chandler on July 24, 2018 Rating: 5
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Cool Video: Bloomberg Television--Dollar Outlook

July 23, 2018
I had the privilege to join Alix Steel, the Bloomberg anchor, and Laird Landmann from TCW on the set earlier today.  Here is the linkto the 2.5-minute clip.
The issue is the dollar's outlook.  The greenback had looked to be on the verge of breaking out higher before the US President expressed disapproval with the Fed rate hikes and, then the fo…
Cool Video: Bloomberg Television--Dollar Outlook Cool Video:  Bloomberg Television--Dollar Outlook Reviewed by Marc Chandler on July 23, 2018 Rating: 5
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