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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 Japanese yen was hands down the best performing G10 currency in April, gaining about 3.3% against the dollar and 4.2% against the euro. It appeared to start the new month on a strong note, with the dollar falling to 2 month lows in…
Consensus caught out by ISM Manufacturing upside surprise
The US manufacturing ISM surprised the market in a favorable direction. Rather than soften like the consensus expected, the diffusion index rose to 54.8 from 53.4. This represents the strongest showing in eleven months.
European Growth Pact Begins to Take Shape
The agenda in the euro zone is changing. The likely outcome of the weekend elections in Greece and France are just as much an effect as a cause of the shift in the agenda. For the first time since the crisis began, the German insistence on…
Weak GDP Report Pushes Dollar Down Further
The details are a bit better as household consumption was stronger at 2.9% after a 2.1% pace in Q4 11. This accounted for about 2 percentage points of the 2.2% growth. How is the consumption being financed? Real disposable income rose 0.4%…
European Policy Shifting Toward Growth Before Key Elections
ECB President Draghi's support for a growth pact for Europe is important, perhaps under-appreciated by the market. This is not simply a tactic to deflect attention from the IMF's call that the ECB ease monetary policy further. The ever…
The Coming European Growth Pact
Recent events in Europe mark the beginning of the push back against German-led austerity, but it is even bigger as the IMF's call for the ECB to cut rates illustrates
Euro Zone News Stream Remains Negative
The string of developments has encouraged risk-off behavior. Equity markets are lower. Core bonds are higher. The high beta currencies, such as the freely traded emerging market currencies, the Australian and Canadian dollars, the euro,…
Dutch Government Collapses
Seven weeks of government negotiations in the Netherlands to agree on new austerity measures failed on Saturday suggesting the German-led program for Europe is about to take head of another government and this is on the eve of the first…
On the Importance of the French Elections
The French premium over Germany rose today to a three-month high. Rumors of a rating downgrade proved wide of the mark, but it reflects the market's anxiety about the outlook for France going forward.
On China’s Currency Band Widening Ploy
It is a ploy that would no doubt bring a smile to the faces of Sun Tzu and Machiavelli. First, China is giving up something that it is not really using. Specifically, the current band itself has rarely, if ever been utilized, which is why…