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Turn Around Tuesday--Half Right

September 13, 2011
The euro and sterling did recover in late US yesterday and into the Asian session today.  The euro reached $1.3696, close to the initial objective of $1.37 and sterling rose to $1.5870, close but shy of the $1.59 initial target.  However, neither currency was able to sustain the gains through the European session. 
French bank shares have come und…
Turn Around Tuesday--Half Right Turn Around Tuesday--Half Right Reviewed by Marc Chandler on September 13, 2011 Rating: 5
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Table Being Set for Turn-Around Tuesday

September 12, 2011
Often it seems that when the currency markets are trending, Friday is a trend day in the sense that the dollar moves in the direction of the underlying trend.  Monday then often sees some follow through in that same direction but runs out of steam and Tuesday reverses the near-term trend.  This pattern seems to be playing itself out again now.  
Th…
Table Being Set for Turn-Around Tuesday Table Being Set for Turn-Around Tuesday Reviewed by Marc Chandler on September 12, 2011 Rating: 5
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No Stark Future

September 11, 2011
Three developments from last week will influence the global capital markets in the period ahead: the Swiss National Bank’s decision to aggressively prevented further appreciation of the franc; the resignation of Jurgen Stark from the European Central Bank, following on heels of the resignation of Axel Weber earlier this year; and the strong sugges…
No Stark Future No Stark Future Reviewed by Marc Chandler on September 11, 2011 Rating: 5
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ECB Gives an Inch, BOE Doesn't; and Bernanke?

September 08, 2011
The BOE and ECB left rates on hold as the vast majority expected.  The ECB's new staff forecasts shave the lower end of its growth forecasts for this year and next and Trichet sounds significantly more neutral than hawkish.  However, by noting that rates remain accommodative, at his second to last ECB meeting, Trichet did not move very far.  
T…
ECB Gives an Inch, BOE Doesn't; and Bernanke? ECB Gives an Inch, BOE Doesn't; and Bernanke? Reviewed by Marc Chandler on September 08, 2011 Rating: 5
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Swiss National Bank and Other Surprises

September 06, 2011
The Swiss National Bank had to act.  I don't just say this because they have surprised the market today, but even in yesterday's post, it seemed clear that if it did not act, it would lose credibility and would increase the challenge of coping with a strong franc.  As of yesterday, the Swiss franc had recouped about 50% of its losses sinc…
Swiss National Bank and Other Surprises Swiss National Bank and Other Surprises Reviewed by Marc Chandler on September 06, 2011 Rating: 5
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Poor Start to Important Week

September 05, 2011
This is an important week in terms of market levels and central bank meetings.  At least six G10 central banks meet for policy decisions (Australia, Canada, Sweden, euro-zone, UK, and Japan) and several emerging markets (Poland, Malaysia, South Korea, Indonesia and the Philippines).   In addition, US President Obama is expected to propose some fis…
Poor Start to Important Week Poor Start to Important Week Reviewed by Marc Chandler on September 05, 2011 Rating: 5
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Second Verse Same as the First

September 02, 2011
The news stream continues to push the edges of the narrative outline here earlier.  US mired in slow growth, but not contracting (here in Q3).  A fiscal and monetary response is likely to be forthcoming in the next few weeks. The euro zone slowed dramatically and Q3 is off to a poor start.  Fiscal policy is off limits as the austerity regime remai…
Second Verse Same as the First Second Verse Same as the First Reviewed by Marc Chandler on September 02, 2011 Rating: 5
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