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What Happened While US was Celebrating Independence

July 04, 2017
US markets were closed on July 4. Asian and European equities moved lower as did most bond yields.  The MSCI Asia Pacific Index fell a third of one percent.  It was the third consecutive losing session and five in the past six.  European markets were mostly lower, and the Dow Jones Stoxx 600 fell 0.3%, after rising 1% on Monday.  It too has fallen…
What Happened While US was Celebrating Independence What Happened While US was Celebrating Independence Reviewed by Marc Chandler on July 04, 2017 Rating: 5
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Dollar Bounces to Start H2

July 03, 2017
The beleaguered US dollar is enjoying a respite from the selling pressure that pushed it lower against all the major currencies in the first six months of 2017.  A measure of the dollar on a trade-weighted basis fell about 5% in the first half after appreciating nearly 8% in Q4 16.  
Paradoxically, the dollar's recovery today has not been spark…
Dollar Bounces to Start H2 Dollar Bounces to Start H2 Reviewed by Marc Chandler on July 03, 2017 Rating: 5
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Emerging Markets: Preview of the Week Ahead

July 02, 2017
(from my colleague Dr. Win Thin)

EM FX ended the week on a mixed note, as investors await fresh drivers.  US jobs data on Friday could provide more clarity on Fed policy and the US economy.  Within EM, many countries are expected to report lower inflation readings for June that support the view that most EM central banks will remain in dovish mode…
Emerging Markets: Preview of the Week Ahead Emerging Markets: Preview of the Week Ahead Reviewed by Marc Chandler on July 02, 2017 Rating: 5
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Official Coordination or Is the Market Getting Ahead of Itself?

July 02, 2017
Here are the data points that the consensus narrative connects.  The BIS encourages countries not to dawdle and remove accommodation when appropriate. The Bank of Canada indicated that after several quarters of strong economic expansion and robust labor market growth, it is time to re-think its monetary stance. 
In a close (5-3) vote, the Bank of E…
Official Coordination or Is the Market Getting Ahead of Itself? Official Coordination or Is the Market Getting Ahead of Itself? Reviewed by Marc Chandler on July 02, 2017 Rating: 5
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Speculators Scramble to Cover Short Canadian Dollar and Mexican Peso Futures Speculators Scramble to Cover Short Canadian Dollar and Mexican Peso Futures Reviewed by Marc Chandler on July 01, 2017 Rating: 5
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Normalization Ideas Weigh on Greenback

July 01, 2017
A virus has spread across the markets as the first half drew to a close.  Many investors have become giddy.   The low vol environment was punctuated by ideas that peak in monetary accommodation is past and that the gradual process of normalization is beginning.   Some investors may be exaggerating how soon the Bank of England and the European Cent…
Normalization Ideas Weigh on Greenback Normalization Ideas Weigh on Greenback Reviewed by Marc Chandler on July 01, 2017 Rating: 5
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