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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.
The yen bears have been frustrated by a series of developments. They were unpleasantly surprised by news that the Japanese themselves were large sellers, not buyers, of foreign bonds in the first full week of the new fiscal year. In…
European Governments’ Unpaid Bills
Over the past weekend, Italy's caretaker cabinet formally approved plans to begin paying its overdue bills to domestic suppliers and service providers. Its official arrears have aggravated underlying problems, such as access to credit by…
Poor North American Jobs Report Sends USD and CAD Lower
By Marc Chandler The shockingly disappointing non-farm payrolls growth of 88k has sent the dollar reeling. The 61k upward revisions to the Jan and March figures and the smaller than expected trade deficit were not sufficient offsets.…
UK Budget: More Austerity, Not Less
Despite calls from the junior coalition partner the Lib Dems, some businesses and the IMF, we expect Osborne and the Tory-led UK government to maintain the fiscal strategy of austerity. The austerity is counter-intuitively (for some),…
Italy: The Dragon and the Cricket
The difficulty in making sense of the results of the Italian election has produced the common imagery of a clown to capture the comic Grillo, who appears to be the most unlikely politician since Lech Walesa, the unemployed electrician that…
German civil servants get pay deal for real wage increase
It is not being widely discussed, but we suspect the wage settlement in Germany over the weekend is an important development. The agreement that covers 765k state government workers in Germany, represented by Verdi, reached a two-year deal…
Unequivocally strong North American jobs data
The US jobs data was consistent with the recent string of data clearly showing a surprising resilience to the anticipation and tightening of fiscal policy. The Canadian employment data was also stronger than expected.
Will Mario Draghi begin buying Italian government bonds?
A key issue that will be addressed this week is how will the ECB respond to the electoral outcome of Italy.
Poor PMIs Shake Markets
The ball got rolling in Asia as China's official manufacturing PMI eased to 50.1 from 50.4 in January. The details were poor, even if not that surprising after the HSBC measure. New orders fell to 50.1 from 51.6 and new export orders fell…
France’s Firebreak Weakens
France had pinned its hope that threat to EMU would be turned back before the wolf came it its door. The Italian political tensions come at the poor time for France. Its ability to absorb shocks is terribly constrained.
Recall what has…