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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

Why the Yen is Strong

Marc Chandler Nov 16, 2011

The yen and the Swiss franc were seen as safe haven currencies during the tumultuous crisis in Europe. The Swiss National Bank has effectively and apparently cheaply took the franc out of the game. This may have increased some speculative…

Political Economy

Spain Another Pain

Marc Chandler Nov 16, 2011

Pressure is mounting on Spain. The 10-year yield today is essentially back to where it was when the ECB broadened its sovereign bond purchase scheme to include Spanish and Italian bonds. On Oct 27, the 10-year yield was near 5.33%. Today it…

Economy

Meeting Bank Capital Requirements in Europe

Marc Chandler Nov 15, 2011

There are a number of ways that European banks are moving to boost their Tier 1 capital and strengthen their balance sheets. Some are cutting dividends, diluting current share holders through new rights issues, laying off staff, and selling…

Political Economy

Five uncommon observations about the European debt crisis

Marc Chandler Nov 14, 2011

The escalation of the European debt crisis and mounting evidence of new economic contraction has increased the scrutiny on the region. Yet it seems like many observers may be failing to grasp several important points, including the nature…

Economy

Key data to focus on in the week ahead

Marc Chandler Nov 14, 2011

Economic data has been of tertiary concern to the market recently, overwhelmed by the drama in Europe. Given that the drama may die down, with new governments in Greece and Italy, the economic data may become somewhat more important.

Economy

The solution for Europe’s crisis will be more integration rather than less

Marc Chandler Nov 10, 2011

The German Christian Democrats hold a party congress next weekend. There are a number of proposals that members are trying to get incorporate into the party position and platform. One such proposal is to give the national central banks…

Markets

A policy response must be forthcoming in short order or the contagion will overwhelm everything else

Marc Chandler Nov 9, 2011

The scale of the Italian challenge is far greater than Greece's as Italy's sovereign debt is bigger than Greece, Ireland, Spain and Portugal's put together. Greece has, prior to the coming haircuts, about 350 bln euros of debt. Italy has to…

Markets

Franco – German Divergence

Marc Chandler Nov 9, 2011

The European debt crisis is straining the Paris-Berlin axis, the pillar of EMU. French banks are heavily exposed to Italian debt, with some estimates putting public and private sector exposure at more than $400 bln at the end of H1 (without…

Markets

Thai Floods and Yen Appreciation

Marc Chandler Nov 8, 2011

Given the poor track record of intervention, unilateral or multilateral, sterilized or unsterilized, there may be no compelling need to understand why the $100 bln intervention is not sticking. All sorts of possible explanations seem partly…

Political Economy

Italy’s Political Drama: Tuesday Climax?

Marc Chandler Nov 7, 2011

Assuming that the Greek and Italian political situation stabilize, the focus may shift back to the Iberia. The risk is that the new Spanish government will report a larger budget deficit and weaker finances in general than the outgoing…

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