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Turkey Drags EM Lower while US Yields Soften Ahead of Supply

March 22, 2021
Overview:  Equities in the Asia Pacific region and Europe found little support from the lower bond yields.  Chinese, Taiwanese, and Australian equities managed to post modest gains.  A fire at a Renesas auto chip facility in Japan weighed on auto shares.  This yet another disruption in chip production which was already estimated to cut global auto…
Turkey Drags EM Lower while US Yields Soften Ahead of Supply Turkey Drags EM Lower while US Yields Soften Ahead of Supply Reviewed by Marc Chandler on March 22, 2021 Rating: 5
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Are Those Double Tops in the Euro and Sterling?

March 21, 2021
US benchmark 10-year Treasury yields rose for the seventh consecutive week.  Such a streak was seen at the start of 2018 and late Q1/Q2 2009 and 2004, but none longer.  The US dollar was mostly firmer, but its gains were concentrated against the Scandis and euro.  The Norwegian krone's roughly 1.4% decline against the dollar was the most among…
Are Those Double Tops in the Euro and Sterling? Are Those Double Tops in the Euro and Sterling?  Reviewed by Marc Chandler on March 21, 2021 Rating: 5
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Divergence: The Only Macro

March 20, 2021
The major central banks have met.  The general message is that continued strong monetary support remains necessary, and the coming increase in price pressures is likely to be technical and transitory.  The US fiscal stimulus, on the back of which the OECD revised its global growth forecast up 1.4 percentage points to  5.6%, has been approved.  The…
Divergence: The Only Macro Divergence:  The Only Macro Reviewed by Marc Chandler on March 20, 2021 Rating: 5
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BOJ "Clarifies", while the Greenback Remains Firm

March 19, 2021
Overview:  Oil, equities, and bonds are stabilizing after yesterday's sell-off.  Crude oil tumbled in the past five sessions, dropping 8-9% before recovering today.  The sharp sell-off in US indices yesterday dragged global markets lower today, but the US futures are trading higher.  Today's sell-off leaves the MSCI Asia Pacific Index litt…
BOJ "Clarifies", while the Greenback Remains Firm BOJ "Clarifies", while the Greenback Remains Firm Reviewed by Marc Chandler on March 19, 2021 Rating: 5
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Dovish Fed but Yields Rise, Helping the Greenback Recover from Yesterday's Slide Dovish Fed but Yields Rise, Helping the Greenback Recover from Yesterday's Slide Reviewed by Marc Chandler on March 18, 2021 Rating: 5
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Waiting for the Fed

March 17, 2021
Overview: The US dollar and Treasury yields firm ahead of the outcome of the FOMC meeting.  The failure of US stocks to hold on to early gains yesterday lends itself to the continued consolidative tone today.  Asia Pacific equity markets were mixed, but a downside bias was evident.  Europe's Dow Jones Stoxx 600 is paring yesterday's gains.…
Waiting for the Fed Waiting for the Fed Reviewed by Marc Chandler on March 17, 2021 Rating: 5
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Equities Firm, but Markets Tread Gingerly

March 16, 2021
Overview:  Yesterday's new record highs in the S&P 500 and Dow Jones Industrial helped set the tone for today's advance in the Asia Pacific region and Europe.  The MSCI Asia Pacific Index snapped a two-day decline, with other major markets rising today.  The Dow Jones Stoxx 600 had edged to new highs as it continues to approach the pre…
Equities Firm, but Markets Tread Gingerly Equities Firm, but Markets Tread Gingerly Reviewed by Marc Chandler on March 16, 2021 Rating: 5
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Big Week Begins Quietly

March 15, 2021
Overview:  The capital markets are beginning a new and busy week in a non-committal fashion.  Equities are mixed.  Except for Japan, Hong Kong, and Australia, most markets in the Asia Pacific region were lower, led Chinese and Indian shares.  Europe's Dow Jones Stoxx 600 ended a four-day advance ahead of the weekend but has come back bid today…
Big Week Begins Quietly Big Week Begins Quietly Reviewed by Marc Chandler on March 15, 2021 Rating: 5
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FX Price Action: Beginning or End of the Punch?

March 14, 2021
The recovery in equities that saw the S&P 500 set new record highs, the US raise $120 bln in coupon sales, and an ECB that promised to "significantly" boost bond purchases immediately fizzled ahead of the weekend.  The US dollar rebounded too after key supports held and interest rate differentials widened further.  Although the price…
FX Price Action: Beginning or End of the Punch? FX Price Action:  Beginning or End of the Punch? Reviewed by Marc Chandler on March 14, 2021 Rating: 5
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