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Meaning of Price Action

May 20, 2009
The dollar has been thumped here today. There does not appear to be a key event. The drop in the dollar appears to be more a type of capitulation. Many, like ourselves have expected a pullback in foreign currencies, but the pullbacks have been shallow, as have been the dips in the equity market. The price action alone forced various market partici…
Meaning of Price Action Meaning of Price Action Reviewed by Marc Chandler on May 20, 2009 Rating: 5
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Canadian Dollar Driver: Commodities or Interest Rates?

May 19, 2009
The Canadian dollar made new highs for the year a week ago and has been consolidating since. Yesterday's US dollar bounce carried it through the first technical corrective target near CAD1.1780 initially, but then fell through the pre-weekend lows to record an outside down day and there has been follow through today. Look for a near-term retes…
Canadian Dollar Driver: Commodities or Interest Rates? Canadian Dollar Driver: Commodities or Interest Rates? Reviewed by magonomics on May 19, 2009 Rating: 5
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China/Brazil to Ditch US Dollar: Hardly

May 19, 2009
Brazil's state visit to China has set the chins wagging. Will an agreement be struck to invoice their bilateral trade in their own currencies rather than the dollar ? Brazilian President Lula had made some allusions to this last month around the G20 meeting.
China/Brazil to Ditch US Dollar: Hardly China/Brazil to Ditch US Dollar: Hardly Reviewed by magonomics on May 19, 2009 Rating: 5
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Brazil to China: Show us the Money

May 18, 2009
Brazilian President Lula is in China today hoping to secure new investment commitments. Many observers appear to have mistaken verbal commitments with actual funds, but Brazilian officials don't. In 2005, many cited China's $7 bln investment pledge to Brazil as a sign of the expansion of the PRC's influence and its help to developing c…
Brazil to China: Show us the Money Brazil to China: Show us the Money Reviewed by magonomics on May 18, 2009 Rating: 5
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Copper and Currencies

May 18, 2009
Copper prices were among the first of the industrial raw materials to bottom. Some investors and economists regard copper as a leading economic indicator even though they are aware of the increase role for fiber optic cables and other substitutes for what some call "red gold". Copper's low was set on Xmas eve and since then has been …
Copper and Currencies Copper and Currencies Reviewed by magonomics on May 18, 2009 Rating: 5
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ECB: The Platypus Central Bank

May 15, 2009
If it looks like a duck, walks like a duck, and quacks like a duck, it must be a duck. Yet the European Central Bank says it is not a duck. Perhaps it is a platypus.
At its most basic level, quantitative easing refers to central banks using tools other than interest rates to make monetary conditions more accommodative. The ECB has expanded its bala…
ECB: The Platypus Central Bank ECB: The Platypus Central Bank Reviewed by magonomics on May 15, 2009 Rating: 5
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ECB Says No to CEE Bonds as Collateral

May 14, 2009
The ECB may have agreed in principle to purchase covered bonds, but it has no appetite to accept local currency sovereign bonds from eastern and central Europe as collateral. Reuters reports that the ECB has formally rejected the request of “several” central European central banks to accept non-eurozone local currency bonds for collateral. The Dep…
ECB Says No to CEE Bonds as Collateral ECB Says No to CEE Bonds as Collateral Reviewed by magonomics on May 14, 2009 Rating: 5
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