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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.

Markets

Euro and S&P 500 Correlations Revisited

Marc Chandler Jan 17, 2012

As of yesterday the 60-day correlation stands near 0.78 and the 30-day correlation has fallen from 0.81 in the middle of last month to 0.65. This gives additional evidence of some fracturing of the risk-on/risk-off rubric that has been such…

Markets

Correction Tuesday?

Marc Chandler Jan 17, 2012

China's slew of economic data came in better than expected this coupled with successful bill auctions by Spain, Greece and Belgium and a very strong German ZEW (-21 v -53.8) is rekindling the appetite for risk today. The euro is up over a…

Markets

Greece and the IMF appear to be pushing for as much as a 75% haircut

Marc Chandler Jan 16, 2012

Greece and the IMF appear to be pushing for as much as a 75% loss on NPV basis, while the banks, many of whom have written down 50% of their Greek holdings, appear willing to accept a 60-65% hit on the NPV basis. Participating in the…

Markets

Nervous Consolidation, Waiting for Other Shoe to Drop

Marc Chandler Jan 16, 2012

The US dollar is trading within the ranges that were seen prior to the weekend as the market awaits fresh developments. The market remains apprehensive as additional rating fallout is expected, ahead of a resumption of Greek PSI talks and…

Markets

Rumor Bought, Fact Sold, and Other FX Developments

Marc Chandler Jan 13, 2012

The euro extended its recovery in early Europe but reversed course after the lukewarm Italian bond auction. Italy raised the funds it sought and yields did fall at the shorter term auction, but increase at the longer term and the…

Markets

Timing and Magnitude of Euro Bounce

Marc Chandler Jan 12, 2012

The argument presented here is to underscore the over-stretched condition of the euro and to warn medium term investors of the risk of the euro bounce. The euro has dropped more than 11% since late October against the dollar and we suspect…

Economy

Thoughts Ahead of Spanish and Italian Bond Auctions

Marc Chandler Jan 11, 2012

Spain and Italy begin this year's funding operations with bond auctions tomorrow and Friday. Although the euro is bouncing along its recent trough against not only the dollar, but against many of the other major currencies as well, there…

Economy

Chart of the Day: Greek workers work 48% more hours than Germans

Marc Chandler Jan 11, 2012

While many will be initially surprised by the data, on reflection it makes intuitive sense. In crude terms, wealthier countries typically work smarter--more capital intensively--than poor countries, not longer.

Markets

Euro Slides Ahead of BOE and ECB Meetings

Marc Chandler Jan 11, 2012

The euro was recovering in early Europe, moving back toward the upper end of its recent narrow range and it reversed course sharply, triggering stops along the way as it dropped nearly a cent to $1.2695. The technical failure yesterday at…

Economy

Brief Note on Big Surge in US Consumer Credit

Marc Chandler Jan 10, 2012

Late yesterday the US reported the biggest jump in consumer credit in a decade. It reinforces the signal of the gradual healing of the labor market and the resilience of the US consumer. The report increases the risk that the November…

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