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France's Flash October PMI drop below 50 Ahead of Moody's Decision Later Today

October 23, 2026
The foreign exchange market looks eerily calm.  After the safe haven flows yesterday supported the Swiss franc and yen, today they have diverged. The yen’s minor gain puts its atop the G10, while the Swiss franc’s 0.25% loss puts its at the bottom. The pressure in the European bond market has eased today, but Moody’s review of France’s debt rating…
France's Flash October PMI drop below 50 Ahead of Moody's Decision Later Today France's Flash October PMI drop below 50 Ahead of Moody's Decision Later Today Reviewed by Marc Chandler on October 23, 2026 Rating: 5
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Risk Appetites Wane: AI Jitters Returns, European Debt Stress Continues, Oil Firms Risk Appetites Wane: AI Jitters Returns, European Debt Stress Continues, Oil Firms Reviewed by Marc Chandler on October 22, 2026 Rating: 5
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Euro Pressure Persists

October 21, 2026
Fears over the AI-meme, which took the semiconductor index down more than 10% last week, has stabilized with the help of favorable earnings by Super Micro Computer and SpaceX. South Korea’s Kospi dropped 14.5% last week amid the anxiety. It rallied 3.3% today and is now higher on the week. On the other hand, the pressure in the European bond marke…
Euro Pressure Persists Euro Pressure Persists Reviewed by Marc Chandler on October 21, 2026 Rating: 5
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AI Anxiety Returns, Peripheral Premiums Widen in Europe, and Oil Extends Gains AI Anxiety Returns, Peripheral Premiums Widen in Europe, and Oil Extends Gains Reviewed by Marc Chandler on October 20, 2026 Rating: 5
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Euro Marked Down, China's GDP Firmer than Expected, AI Equities Stabilize

October 19, 2026
The US dollar is mixed against the G10 currencies to start the new week. The dollar-bloc and Scandis are firmer, while the euro, Swiss franc, sterling and yen are softer.  The euro is weakest after being marked down initially on the social strife in Europe, especially France, the weekend.  Peripheral premiums have widened against Germany and is a …
Euro Marked Down, China's GDP Firmer than Expected, AI Equities Stabilize Euro Marked Down, China's GDP Firmer than Expected, AI Equities Stabilize Reviewed by Marc Chandler on October 19, 2026 Rating: 5
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Week Ahead: Rates, AI, and Oil

October 17, 2026
In understanding and anticipating exchange rate movement we often privilege interest rates and the drivers of capital flows instead of trade flows. However, a new player may have entered the game. Or perhaps, more aptly, left the game. The AI meme may have cracked. From 30k feet, the semiconductor index illustrates this. The index fell by more tha…
Week Ahead: Rates, AI, and Oil Week Ahead: Rates, AI, and Oil Reviewed by Marc Chandler on October 17, 2026 Rating: 5
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China's Trade Surplus Swells and the Market Awaits US CPI

October 14, 2026
(Business travel disrupts the commentary for the next two days, but the weekly will be posted October 17. Thank you for your patience.) Investors are wary of the unwinding one of the most crowded trades, long the AI ecosystem.  Despite cracks, the market remains resilient. So far, the rise in interest rates has not derailed the narrative. The doll…
China's Trade Surplus Swells and the Market Awaits US CPI China's Trade Surplus Swells and the Market Awaits US CPI Reviewed by Marc Chandler on October 14, 2026 Rating: 5
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