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China Opens Iron Ore Futures to Foreign Investors

May 07, 2018
We argue that China, like many other countries, is developing a three-prong strategy for dealing with the Trump Administration.  First, push back against tariffs, retaliating selectively.  Second, challenge the US actions at the WTO.  Third, some US demands that are perfectly consistent with President Xi's agenda for China.  
In March, China la…
China Opens Iron Ore Futures to Foreign Investors China Opens Iron Ore Futures to Foreign Investors Reviewed by Marc Chandler on May 07, 2018 Rating: 5
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Greenback Starts Week on Firm Note

May 07, 2018
The US dollar recovered from a softer tone in early Asia and is higher against nearly all the major and emerging market currencies as North American market prepare to start the new week.  The news stream is light and investors remain on edge geopolitical concerns remain elevated.  Oil prices are extending gains, and WTI is above $70 a barrel for t…
Greenback Starts Week on Firm Note Greenback Starts Week on Firm Note Reviewed by Marc Chandler on May 07, 2018 Rating: 5
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Emerging Markets Preview: The Week Ahead

May 06, 2018
(from my colleague Dr. Win Thin)

EM FX came under intense selling pressures last week. The worst performers were ARS, TRY, and MXN while the best were PHP, KRW, and TWD. US rates are likely to remain the key driver for EM FX, and so PPI and CPI data will be closely watched this week. We believe EM FX will remain under pressure.

Indonesia reports Q1…
Emerging Markets Preview: The Week Ahead Emerging Markets Preview: The Week Ahead Reviewed by Marc Chandler on May 06, 2018 Rating: 5
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Geopolitics Becomes More Salient as Monetary Policy Plays for Time

May 06, 2018
Say what one will, US President Trump is vigorously projecting what he believes are American interests.  There is virtually no sign of the isolationism that many observers had anticipated.  Indeed, as we have argued, the America First rejection of the League of Nations that Trump harkens back to was not isolationist as much as unilateralist.  And …
Geopolitics Becomes More Salient as Monetary Policy Plays for Time Geopolitics Becomes More Salient as Monetary Policy Plays for Time Reviewed by Marc Chandler on May 06, 2018 Rating: 5
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Dollar Momentum Slows

May 05, 2018
The market is showing euro and sterling bulls little mercy. It seems that only the briefest and shallowest upticks are seen before new lows are seen.  The fact that the several bilateral dollar exchange rates are going through 200-day moving averages puts in on many medium-term investors radar screens for the first time in a year.
The dollar move h…
Dollar Momentum Slows Dollar Momentum Slows Reviewed by Marc Chandler on May 05, 2018 Rating: 5
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Emerging Markets: What Changed

May 04, 2018
(from my colleague Dr. Win Thin) Bank Indonesia is taking measures to stabilize the local bond market.The Philippine central bank is tilting more hawkish.Czech National Bank cut its inflation forecasts.The Turkish government is loosening fiscal policy to drum up popular support.S&P downgraded Turkey to BB- with stable outlook.Argentina officia…
Emerging Markets: What Changed Emerging Markets: What Changed Reviewed by Marc Chandler on May 04, 2018 Rating: 5
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Look Past Disappointing Jobs Data, Luke

May 04, 2018
The US jobs report was broadly disappointing.  However, the Federal Reserve will look through it and investors should too.   A June hike is still by far the most likely scenario.  
The US created 164k net new jobs in April, and when coupled with the 32k upward revision in March, it was near expectations.  The source of disappointment hourly earning…
Look Past Disappointing Jobs Data, Luke Look Past Disappointing Jobs Data, Luke Reviewed by Marc Chandler on May 04, 2018 Rating: 5
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