Author

Marc Chandler 872 posts 0 comments

Marc Chandler joined Brown Brothers Harriman in October 2005 as the global head of currency strategy. Previously he was the chief currency strategist for HSBC Bank USA and Mellon Bank. In addition to frequently providing insight into the developments of the day to newspapers and news wires, Chandler's essays have been published in the Financial Times, Barron's, Euromoney, Corporate Finance, and Foreign Affairs. Marc appears often on business television and is a regular guest on CNBC and writes a blog called Marc to Market. Follow him on twitter.

Political Economy

Dollar Little Changed; No Default Tomorrow even without Agreement

Marc Chandler Oct 16, 2013

There is much about the US fiscal melodrama that is a farce. Unlike other debt crises, this one is totally self-inflicted. It is a crisis of choice not necessity. The misconstructions have been repeated so many times that they have taken on…

Markets

Becalmed Markets Conceal Rising Anxiety

Marc Chandler Oct 4, 2013

The US dollar is narrowly mixed against major and emerging market currencies. Comments by House Speaker Boehner that he will form a majority bloc to avoid a default by the Federal government is being understood two ways.

Markets

Dollar Broadly Weaker As Fed Keeps Punch Bowl In Place

Marc Chandler Sep 19, 2013

To put it mildly, the Fed’s dovish surprise has many implications for the market. The first is that the Fed is very concerned about the backup in US rates, and the negative impact on the economy. - The second major implication is that…

Markets

Tapering, Chinese stabilization, European recovery, Japanese investors

Marc Chandler Sep 9, 2013

We update our views on the main big picture drives for financial market: (1) Fed tapering (2) The stabilization of the Chinese economy (3) The cyclical recovery in Europe (4) The increase in Japanese purchases of foreign bonds

Markets

Chart of the day: Emerging Market Currencies and Local Currency Debt

Marc Chandler Sep 4, 2013

The X-axis is the change in the spot currencies against the dollar since late May. The Y-axis is the change in the local 5-year debt. It is a useful way to conceptualize what has happened from a total return perspective. Korea, Czech,…

Markets

The Dollar Rides High against Majors, while Emerging Markets Recover

Marc Chandler Aug 29, 2013

The dollar is broadly higher against the major currencies, with the Swedish krona and euro suffering the most. Poor retail sales in Sweden and unexpected weakness in the German labor market report (unemployment rose 7k vs the consensus…

Markets

Italy is the Weak Link in Europe

Marc Chandler Aug 28, 2013

The capital outflow from the emerging markets is proving as destabilizing as the previous inflows. Pundits can talk about currency wars all they want, but the real issue is the ability to cope with volatile capital flows, which is the…

Markets

Europe is the main beneficiary of flows from emerging markets

Marc Chandler Aug 20, 2013

The US dollar stands at the fulcrum. Investment flows are leaving emerging markets, with currencies from Brazil,India,Indonesia and Mexico being hit the hardest over the last few sessions. The MSCI Emerging Market Index is off 4.5% over the…

Economy

The German election campaign is getting into high gear

Marc Chandler Aug 15, 2013

The center-left could unseat Merkel, but its sectarian tendencies make it unlikely. The SPD and Greens have refused to consider the Linke (Left) party as a coalition member. The Left's agenda, which is anti-NATO and anti-EU, is…

Markets

There are four main drivers in this week’s markets

Marc Chandler Aug 12, 2013

We continue to identify four main macro issues shaping the investment climate: The tapering anticipation in the US; the stabilization of the Chinese economy; a cyclical recovery in Europe; and the long awaited Japanese purchases of foreign…

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