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The Great Game on the Anniversary of the End of Bretton Woods

August 13, 2021
August 15 is the 50th anniversary of the end of Bretton Woods, when the US unilaterally ended the last formal linkages between the dollar and gold.  Nixon ushered in the modern era, even if he did not intend to do so.  The only thing that seemed pertinent at the time was that the US did not want to part with any more of its gold, and Nixon feared …
The Great Game on the Anniversary of the End of Bretton Woods The Great Game on the Anniversary of the End of Bretton Woods Reviewed by Marc Chandler on August 13, 2021 Rating: 5
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Markets Grind into the Weekend

August 13, 2021
Overview: Friday the 13th is supposed to be ominous, but the global capital markets are mostly subdued.  China's port shutdown and anxiety since South Korea reported a decline in memory chip exports weighed on Asia Pacific equities, with the Kospi and Taiex falling more than 3% this week and sending the South Korean won to its lowest level of …
Markets Grind into the Weekend Markets Grind into the Weekend Reviewed by Marc Chandler on August 13, 2021 Rating: 5
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Markets Look for Direction, Currencies in Narrow Ranges

August 12, 2021
Overview: The global capital markets are subdued today as investors wrestle with the rising virus, the shifting stance of several central banks, and a more tense geopolitical backdrop.  Equity markets are struggling today.  Most of the large bourses in the Asia Pacific region, including Japan, China, Hong Kong, and Taiwan, moved lower, and Europe&…
Markets Look for Direction, Currencies in Narrow Ranges Markets Look for Direction, Currencies in Narrow Ranges Reviewed by Marc Chandler on August 12, 2021 Rating: 5
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Rising Rates Underpin the Greenback

August 11, 2021
Overview: The US dollar remains firm ahead of the July CPI release, and even though Chicago Fed Evans demurred from the hawkish talk, the market is getting more comfortable with the idea of a rate hike next year.   The implied yield of the December 2022 Eurodollar futures is rising for the sixth consecutive session.  Most emerging market currencie…
Rising Rates Underpin the Greenback Rising Rates Underpin the Greenback Reviewed by Marc Chandler on August 11, 2021 Rating: 5
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Soft German ZEW Survey Weighs on the Euro

August 10, 2021
Overview: After the big sell-off in gold and oil yesterday, the markets have stabilized today.  The yellow metal is in a $5 range on either side of $1733, while September WTI is near $67.50 after holding key support near $65.  As China moves to curb steel production, the price of iron ore in China has fallen sharply.  The five-day losing streak ha…
Soft German ZEW Survey Weighs on the Euro Soft German ZEW Survey Weighs on the Euro Reviewed by Marc Chandler on August 10, 2021 Rating: 5
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Gold's Flash Crash and Limited Follow-Through Greenback Gains

August 09, 2021
Overview:  A flash crash saw gold drop more than $70 an ounce in early Asia. Silver was dragged lower too.  The precious metals have stabilized at lower levels, but it signals a rough adjustment to a higher interest rate environment as a hawkish BOE and strong US employment data suggest peak monetary stimulus is at hand.  The dollar is broadly mos…
Gold's Flash Crash and Limited Follow-Through Greenback Gains Gold's Flash Crash and Limited Follow-Through Greenback Gains Reviewed by Marc Chandler on August 09, 2021 Rating: 5
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The Greenback Reversed Higher in the Middle of Last Week and the Jobs Data Provided an Accelerant The Greenback Reversed Higher in the Middle of Last Week and the Jobs Data Provided an Accelerant Reviewed by Marc Chandler on August 08, 2021 Rating: 5
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US Prices Back to Center Stage in the Week Ahead

August 07, 2021
The main contours of the investment climate have not changed.  The evolution of the virus is seeing the re-introduction of social restrictions, extending lockdowns (e.g., Sydney), and prolonging formal emergencies (Japan). The return to the office in the US is being postponed for many companies.  Confidence in mass transportation will likely take …
US Prices Back to Center Stage in the Week Ahead US Prices Back to Center Stage in the Week Ahead Reviewed by Marc Chandler on August 07, 2021 Rating: 5
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