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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.

Political Economy

Italy’s debt is its biggest obstacle but Spain’s budget lacks credibility

Marc Chandler Apr 3, 2012

The more Spanish officials talk about the budget the less credible it seems. The 10-year yield fell 11 bp on Friday when the budget first presented before the weekend. Now as more detail emerge as it goes to parliament, 10-year yields are…

Political Economy

On Spain’s Budget With Details Tomorrow

Marc Chandler Apr 2, 2012

Banks, households and the government sector are all engaged in deleveraging. It is difficult to see where aggregate demand will come from. Spanish exports in January were up about 4% from a year ago, but the pace appears to be leveling off.…

Markets

Greece: the risk of another near-term default has increased

Marc Chandler Apr 2, 2012

One Greek outstanding bond is a 450 mln euro FRN that is due May 15. It has a 30-day grace period to make the payment, according to press reports. The new Greek 10-year bond yield rose today to 20.55%. It is the fifth consecutive session…

Markets

Sweden and Norway are reporting strong economic numbers

Marc Chandler Mar 30, 2012

Sweden reported stronger business and manufacturing confidence numbers earlier this week, but the Feb retail sales report was a more significant catalyst. There are four new developments from Norway today. Individually and collectively,…

Economy

Dollar Under Pressure at Month End

Marc Chandler Mar 30, 2012

The focus now ahead of the weekend is three-fold. First, Spain is set to unveil its 2012 budget. Full details will not be available until it is presented to parliament next Tuesday. However, the overall savings is what investors are most…

Political Economy

Dutch Update: Problem Unresolved, Pressure Mounts

Marc Chandler Mar 29, 2012

One of our thematic points for Q2 is the increased importance of political factors for the investment climate. Dutch developments are consistent with this and the risk that the government collapses is rising.

Political Economy

Greece is a huge importer of French and German weaponry

Marc Chandler Mar 28, 2012

Greece argues that its needs to strong defense spending for two threats. The first is from Turkey. Yet relations have improved and a military confrontation between these two NATO members seem quite remote. The other threat Greece is thought…

Political Economy

China Politics: Reflections from a One Party State

Marc Chandler Mar 27, 2012

Perhaps because they call themselves Communists, many observers, think the party is homogeneous, but it is not. There are forces of movement and forces of order. A FT columnist recently wrote about the possible threat to the post-Mao…

Markets

Dollar Soft, Bernanke Misunderstood

Marc Chandler Mar 27, 2012

Judging from the press coverage, we suspect many observers have misunderstood Federal Reserve Chairman Bernanke's comments yesterday. They need to be placed in the context of what went before: namely several hawkish regional presidents…

Markets

Five Overlooked Euro Zone Developments

Marc Chandler Mar 26, 2012

There are several developments that warn of future problems in the euro zone and these make us suspicious about the euro's ability to sustain the upside break.

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