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OPEC+ Surprises while Manufacturing Remains Challenged

April 03, 2023
Overview: News of OPEC+ unexpected output cuts saw May WTI gap sharply higher and helped lift bond yields. May WTI settled near three-week highs before the weekend near $75.65 and opened today near $80. It reached almost $81.70 before stabilizing and is straddling the $80 area before the North American session. The high for the year was set in the…
OPEC+ Surprises while Manufacturing Remains Challenged OPEC+ Surprises while Manufacturing Remains Challenged Reviewed by Marc Chandler on April 03, 2023 Rating: 5
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Euro Pokes Above $1.09. Will it be Sustained?

January 23, 2023
Overview: The Lunar New Year holiday has shut many centers in Asia until the middle of the week, though China's mainland is on holiday all week. The signaling of a downshift in the pace of Fed tightening by some notable hawks helped lift risk appetites ahead of the weekend and saw the S&P 500 snap a four-day decline. Ahead of the weekend t…
Euro Pokes Above $1.09. Will it be Sustained? Euro Pokes Above $1.09. Will it be Sustained? Reviewed by Marc Chandler on January 23, 2023 Rating: 5
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US Dollar Firms Against the Euro and Yen, While the Dollar Bloc Finds Support US Dollar Firms Against the Euro and Yen, While the Dollar Bloc Finds Support Reviewed by Marc Chandler on March 25, 2021 Rating: 5
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High Drama Weighs on the Greenback and Lifts Yields

January 06, 2021
Overview:  One of the two Georgia Senate contests remains too close to call, but the market appears to be pricing in a Democrat sweep.  The 10-year yield has punched above 1% but has offered the greenback little support.  Yesterday, the dollar-bloc currencies rose to highs since early Q2 2018 and are extending those gains today.  The Scandis are a…
High Drama Weighs on the Greenback and Lifts Yields High Drama Weighs on the Greenback and Lifts Yields Reviewed by Marc Chandler on January 06, 2021 Rating: 5
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Does Key Reversal in S&P 500 Put the Santa Claus Rally at Risk?

December 20, 2020
It was another difficult week for the greenback, which moved lower against all the major currencies.  The Scandis led it, helped by risk-on appetites and Norway's central bank penciling in its first rate hike around mid-2022.  The hope of a UK-EU deal appears to have spurred short-covering, which lifted sterling to new 2.5-year highs, though p…
Does Key Reversal in S&P 500 Put the Santa Claus Rally at Risk? Does Key Reversal in S&P 500 Put the Santa Claus Rally at Risk? Reviewed by Marc Chandler on December 20, 2020 Rating: 5
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Consolidation or Correction?

December 13, 2020
France's Giscard d'Estaing passed away in early December.  He who accused the US of enjoying an exorbitant privilege of providing the chief reserve asset lived long enough to see European rates, including the long-end in Spain and Portugal, drop below zero. At the same time, the US dollar fell to two-and-a-half-year lows against many curre…
Consolidation or Correction? Consolidation or Correction? Reviewed by Marc Chandler on December 13, 2020 Rating: 5
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The Dollar Breaks but it is Not Broken

December 06, 2020
The dollar's decline accelerated and broadened last week.  It convincingly broke out of its recent ranges.  Tactically, we did not expect the sustained break ahead of the December 10 ECB meeting, where the central bank that does not pre-commit pre-committed to easing policy.  The recent string of economic data suggests that while the US activi…
The Dollar Breaks but it is Not Broken The Dollar Breaks but it is Not Broken Reviewed by Marc Chandler on December 06, 2020 Rating: 5
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Still Wary of a Breakout

November 29, 2020
The dollar's losses were extended last week, but among the majors, only the New Zealand dollar and the Swedish krona made new highs for the year.  Last week, we were cautious about chasing the greenback lower, and we still are.  Perhaps the bearish dollar view making the front page of the Wall Street Journal before the weekend reflects the ubi…
Still Wary of a Breakout Still Wary of a Breakout Reviewed by Marc Chandler on November 29, 2020 Rating: 5
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