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Some Auto Thoughts and Possible Dollar Implications

Marc Chandler May 27, 2009

The seemingly inevitable bankruptcy of General Motors talk of the markets but it seems that the speed at which Chrylser is moving through its bankruptcy proceedings is remarkable. It may emerge from bankruptcy within the next couple of weeks, according to some press reports. This in turn spurs hope that GM, while significantly larger, may also eme…

Some Auto Thoughts and Possible Dollar Implications

Reviewed by Marc Chandler on May 27, 2009 Rating: 5

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US April Existing Home Sales Preview

magonomics May 26, 2009

The US will report April existing home sales tomorrow. Surveys by news wires expect a rise of around 2% following the 3% decline in March. Yet the market may still be a bit more optimistic than the data. Recall that the April housing starts and permits data disappointed and the March CaseShiller headline also was worse than expected. That said, in…

US April Existing Home Sales Preview

Reviewed by magonomics on May 26, 2009 Rating: 5

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Kohn Says Fed Purchases May Have Kept Rates Down 100 bp

magonomics May 26, 2009

This past Saturday the Fed's Vice Chairman Donald Kohn spoke on a panel at Princeton University. Kohn is also the most experienced person on the FOMC and he also headed up the working committee to help improve the FOMC communication. What he says is particularly important.

Kohn Says Fed Purchases May Have Kept Rates Down 100 bp

Reviewed by magonomics on May 26, 2009 Rating: 5

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BOJ to Accept Foreign Sovereign Bonds as Collateral

magonomics May 22, 2009

Earlier today the Bank of Japan indicated that it will accept government bonds of the other G5 countries (US, UK, Germany and France) as collateral for their money market operations.
The immediate reaction was that this will help enhance liquidity conditions on ideas that Japanese banks will be able to use their foreign bond holdings as collateral…

BOJ to Accept Foreign Sovereign Bonds as Collateral

Reviewed by magonomics on May 22, 2009 Rating: 5

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Questioning the Dollar

magonomics May 22, 2009

In the near-term, the stars are aligned against the US dollar. Sentiment is decidedly negative. If the news stream is good, we are told investors are less risk averse and do not need the dollar’s security. If the news stream is poor, we are told the US is in horrific shape and the budget deficit and Fed’s balance sheet will swell even more.
It is …

Questioning the Dollar

Reviewed by magonomics on May 22, 2009 Rating: 5

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Sterling Resilience Trumps S&P Outlook Cut

magonomics May 21, 2009

Sterling fell around two cents in response to the S&P cut in the UK's sovereign outlook from stable to negative due to its rising debt as a percentage of GDP. However, the real take away does not seem to be sterling's hit, but its relatively quick recovery. Consistent with the other major European currencies, the pullbacks have been br…

Sterling Resilience Trumps S&P Outlook Cut

Reviewed by magonomics on May 21, 2009 Rating: 5

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Meaning of Price Action

Marc Chandler 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

Reviewed by Marc Chandler on May 20, 2009 Rating: 5