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Sterling Weakness Punctures Subdued Session

July 16, 2019
Overview: Summer in the northern hemisphere contributing to the subdued activity in the global capital markets. The MSCI Asia Pacific index stalled after a four-day advance, with Japanese, Chinese, and Australian equities offsetting gains in Taiwan, South Korea, and India.  Europe's Dow Jones Stoxx 600 is flattish, struggling to extend its thr…
Sterling Weakness Punctures Subdued Session Sterling Weakness Punctures Subdued Session Reviewed by Marc Chandler on July 16, 2019 Rating: 5
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Marking Time on Monday

July 15, 2019
Overview:   The new record highs in US equities ahead of the weekend coupled with Chinese data that suggested the economy was gaining some traction as Q2 wound down is helping underpin risk appetites to start the week.  Japanese markets were closed today, but equities were mostly firmer in the Asia Pacific regions, markets in China, Hong Kong, Tai…
Marking Time on Monday Marking Time on Monday Reviewed by Marc Chandler on July 15, 2019 Rating: 5
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Near-Term Dollar Outlook: What the Charts may Say

July 14, 2019
The dollar had a challenging week.  The Chair of the Federal Reserve confirmed as much as possible a rate cut at the end of the month. The market understood this as a validation of its expectations and pushed the implied yield of the January 2020 fed funds futures contract down six basis points to 1.715%.  The low, and what we have suggested is pe…
Near-Term Dollar Outlook: What the Charts may Say Near-Term Dollar Outlook: What the Charts may Say Reviewed by Marc Chandler on July 14, 2019 Rating: 5
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What to Watch if Fed and ECB are Committed to Easing

July 13, 2019
There is little doubt after the Federal Reserve Chairman Powell's testimony last week and the FOMC minutes that a rate cut will be delivered at the end of the month.  Similarly, after comments by several ECB officials and the record of their recent meeting confirms it too is prepared to adjust policy.  The timing of the ECB's move is more …
What to Watch if Fed and ECB are Committed to Easing What to Watch if Fed and ECB are Committed to Easing Reviewed by Marc Chandler on July 13, 2019 Rating: 5
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Greenback Limps into the Weekend

July 12, 2019
Overview:  Higher than expected US CPI and the second tepid reception to a US bond auction this week pushed US yields higher and helped stall the equity momentum. Asia Pacific yields, especially in Australia and New Zealand jumped 8-10 bp in response, and Spanish and Portuguese bonds bore the burden in Europe.  Barring a sharp decline today, the U…
Greenback Limps into the Weekend Greenback Limps into the Weekend Reviewed by Marc Chandler on July 12, 2019 Rating: 5
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Powell Spurs Equity and Bond Market Rally, While the Greenback Falls Out of Favor Powell Spurs Equity and Bond Market Rally, While the Greenback Falls Out of Favor Reviewed by Marc Chandler on July 11, 2019 Rating: 5
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North American Focus: Poloz and Powell

July 10, 2019
Overview:  The US Treasury market is retreating for the fourth consecutive session ahead of Fed Chairman Powell's testimony before Congress.  It is the longest losing streak in six months, and the 10-year yield has risen 15 bp over the run.  This is helping drag up global yields, and today Asia Pacific yields mostly rose 2-3 basis points while…
North American Focus: Poloz and Powell North American Focus:  Poloz and Powell Reviewed by Marc Chandler on July 10, 2019 Rating: 5
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No Turn Around Tuesday, as Equities Extend Losses and the Greenback Remains Firm No Turn Around Tuesday, as Equities Extend Losses and the Greenback Remains Firm Reviewed by Marc Chandler on July 09, 2019 Rating: 5
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Macro Monday

July 08, 2019
Overview:  The capital markets have begun the week in a mixed note. Asia Pacific equities tumbled, led by 2%+ losses in China and South Korea, but European shares are edging higher, and a positive close would be the seventh in the past eight sessions.  The S&P is little changed.  Asia Pacific bond yields moved higher, as anticipated after the …
Macro Monday Macro Monday Reviewed by Marc Chandler on July 08, 2019 Rating: 5
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