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Dollar Correction Spurred by Sell-Off in Stocks and Bonds

February 03, 2018
The US dollar turned in its best week so far in 2018, even though the Swiss franc and euro extended their weekly advances for a fourth and seventh week, respectively.   The jump in yields and retreat in equities suggest a larger portfolio adjustment and not simply a short-covering bounce in the dollar.  The price action in the days ahead is key to…
Dollar Correction Spurred by Sell-Off in Stocks and Bonds Dollar Correction Spurred by Sell-Off in Stocks and Bonds Reviewed by Marc Chandler on February 03, 2018 Rating: 5
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Emerging Markets: What Changed

February 02, 2018
(from my colleague Dr. Win Thin)

India plans to increase spending and widen its budget deficit targets ahead of key elections.India appears to be cracking down on cryptocurrencies.South Africa’s parliament has scheduled a no- confidence vote for Zuma on February 22.Turkish central bank raised its end-2018 inflation forecast in its quarterly inflat…
Emerging Markets: What Changed Emerging Markets: What Changed Reviewed by Marc Chandler on February 02, 2018 Rating: 5
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A Note Ahead of US Jobs Report

February 02, 2018
The US dollar is sporting a firmer profile against all the major currencies after weakening yesterday.  Frequently, it seems the Australian dollar leads the other currencies, and we note that it is making a new low for the week today.  Briefly, in Europe, it slipped below its 20-day moving (~$0.7985) average for the first time since December 13.
Th…
A Note Ahead of US Jobs Report A Note Ahead of US Jobs Report Reviewed by Marc Chandler on February 02, 2018 Rating: 5
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Fed's Hawkish Hold Keeps Dollar Consolidation Intact

February 01, 2018
The Yellen Fed ended on a high note.She took over the reins the of Federal Reserve an implemented a strategic normalization process monetary policy, and helped engineer not only the first post-crisis rate hikes but also the beginning of unwinding its balance sheet.  Most reckon she has done an admirable job at the Federal Reserve, not only in term…
Fed's Hawkish Hold Keeps Dollar Consolidation Intact Fed's Hawkish Hold Keeps Dollar Consolidation Intact Reviewed by Marc Chandler on February 01, 2018 Rating: 5
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Globalization: Keynote Speech in Luxembourg

January 30, 2018
I had the privilege of delivering the keynote address at the 6th Annual Cross-Border Distribution Conference, sponsored by Deloitte and Elvinger Hoss, and supported by the Financial Times Live, in Luxembourg. What follows is the gist of my remarks not a verbatim duplication of the address.
I began off my speech by citing a number that I recently c…
Globalization: Keynote Speech in Luxembourg Globalization: Keynote Speech in Luxembourg Reviewed by Marc Chandler on January 30, 2018 Rating: 5
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Dollar and Bonds Stabilize; Equities not Yet

January 30, 2018
The US dollar is paring yesterday's gains, and the 10-year Treasury yield has slipped back below the 2.70% level after pushing 2.73% briefly.  European bonds have also eased, with yields one-two basis points lower.   It is thus far a mild Turn Around Tuesday but suggests that the market psychology that has driven the dollar lower and yields hi…
Dollar and Bonds Stabilize; Equities not Yet Dollar and Bonds Stabilize; Equities not Yet Reviewed by Marc Chandler on January 30, 2018 Rating: 5
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Dollar Bounce may Not be Sufficient to Avoid Turn Around Tuesday

January 29, 2018
The US dollar is having one of its best days in three months.  It is coinciding with the push in 10-year yields above 2.70% and the two-year yield at its highest level since 2008 (~2.13%).  It may have been encouraged by a push back against the ECB hawks who want to end QE as soon as possible and preannounce an end date. 
The doves suggest that the…
Dollar Bounce may Not be Sufficient to Avoid Turn Around Tuesday Dollar Bounce may Not be Sufficient to Avoid Turn Around Tuesday Reviewed by Marc Chandler on January 29, 2018 Rating: 5
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