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A Busy Week Begins Quietly

September 30, 2019
Overview: As the quarter ends, the capital markets are mixed. Equities in Asia Pacific were heavier, except in Hong Kong and Australia, while shares were mixed, leaving the Dow Jones Stoxx 600 little changed through the European morning. US shares are trading firmer. Benchmark 10-year bond yields are 2-3 basis points higher, though Australia's…
A Busy Week Begins Quietly A Busy Week Begins Quietly Reviewed by Marc Chandler on September 30, 2019 Rating: 5
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What the Charts Say: Lower Yields and Softer Equities?

September 29, 2019
Disappointing flash PMI figures helped push the euro to new lows for the year last week to almost $1.09.  The dollar rose against most of the major currencies.  The dollar bloc fared the best, while no-deal Brexit fears and dovish comments by a traditional hawk at Bank of England took the wind from sterling's sails and sent it roughly two-cen…
What the Charts Say: Lower Yields and Softer Equities? What the Charts Say: Lower Yields and Softer Equities? Reviewed by Marc Chandler on September 29, 2019 Rating: 5
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Forces of Movement at the Start of Q4 19

September 28, 2019
The world's largest economy appears to have grown by about 2% in Q3 at an annualized pace, the same as in Q2, and in line with what many Fed officials understand to be trend growth.  The strength of the US labor market underpins consumption, the powerful engine of the US economy.  The latest readings of both the labor market and consumption wi…
Forces of Movement at the Start of Q4 19 Forces of Movement at the Start of Q4 19 Reviewed by Marc Chandler on September 28, 2019 Rating: 5
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Markets Limp into the Weekend with the Euro Languishing at New Lows and Sterling under Pressure Markets Limp into the Weekend with the Euro Languishing at New Lows and Sterling under Pressure Reviewed by Marc Chandler on September 27, 2019 Rating: 5
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Greenback Remains Firm

September 26, 2019
Overview: A compelling narrative for yesterday's disparate price action is lacking. A flight to safety, which is a leading interpretation, does not explain the weakness in the yen, gold, or US Treasuries. Month- and quarter-end portfolio and hedge adjustments may be at work, but the risk is that it is a black box: is difficult to verify and le…
Greenback Remains Firm Greenback Remains Firm Reviewed by Marc Chandler on September 26, 2019 Rating: 5
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Risk Appetite Stymied: Dollar Recovers while Stocks Slide

September 25, 2019
Overview: Global equities and fixed income reacted to the large moves yesterday in the US when the 10-year note yield fell eight basis points, and the S&P 500 fell by 0.85%. Investors have focused on three separate developments and two of which came from President Trump's speech at the UN. He dismissed the likelihood of a short-term trade …
Risk Appetite Stymied: Dollar Recovers while Stocks Slide Risk Appetite Stymied: Dollar Recovers while Stocks Slide Reviewed by Marc Chandler on September 25, 2019 Rating: 5
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UK Supreme Court Deals another Defeat to Johnson

September 24, 2019
Overview: A fragile calm hangs over the capital markets today.  Equities in Asia Pacific were narrowly mixed.  Japan, China, and HK advanced. India saw some profit-taking after a two-day surge in response to the unexpected corporate tax cuts but recovered in late dealings. European shares are recovering after posting its largest loss in a month ye…
UK Supreme Court Deals another Defeat to Johnson UK Supreme Court Deals another Defeat to Johnson Reviewed by Marc Chandler on September 24, 2019 Rating: 5
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Great Graphic: Views Distill to Short Sterling Long Yen Opportunity

September 23, 2019
We have argued that the road to an orderly Brexit remains arduous and that sterling had entered an important technical area ($1.2500-$1.2530).  At the same time, see the dollar as having approached the upper end of its broad trading range against the yen.  One of the important drivers lifting the dollar was the dramatic rise in US yields.  We thou…
Great Graphic: Views Distill to Short Sterling Long Yen Opportunity Great Graphic: Views Distill to Short Sterling Long Yen Opportunity Reviewed by Marc Chandler on September 23, 2019 Rating: 5
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Dreadful European Flash PMI Drags the Euro Lower

September 23, 2019
Overview: The critics who claim the ECB's policy response was disproportionate got a rude shock today with the unexpected weakness revealed by the flash PMI. The euro looks to re-visit the lows set recently near $1.0925. Sentiment has also been eroded by the poor South Korean export figures. Asia Pacific equities moved lower, though Tokyo mark…
Dreadful European Flash PMI Drags the Euro Lower Dreadful European Flash PMI Drags the Euro Lower Reviewed by Marc Chandler on September 23, 2019 Rating: 5
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Look for Yuan Weakness and Yen Strength to Begin the Week

September 22, 2019
The Japanese yen and Canadian dollar were the only major currencies to gain against the US dollar last week.  They are also the only major currencies to appreciate against the dollar so far this year.  US President Trump's apparent playing down of the pressure to strike a partial deal with China before the 2020 election weighed on stocks and l…
Look for Yuan Weakness and Yen Strength to Begin the Week Look for Yuan Weakness and Yen Strength to Begin the Week Reviewed by Marc Chandler on September 22, 2019 Rating: 5
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