Author

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

Gold, S&P and the Euro – Correlations Revisited

Marc Chandler Oct 11, 2011

The elevated volatility levels have made for difficult times for many investors. To simplify the complexity, there is much reference to risk-on and risk-off. We look at the correlations (60-day rolling correlation of the percentage change)…

Markets

Corrective Pressures Unfold, Lift Equities and Commodities, Weigh on Dollar

Marc Chandler Oct 10, 2011

US dollar broadly weaker as risk appetite returns; correction across asset classes. Merkel and Sarkozy promise comprehensive plan to shore up banks and give closure on Greece in early. US fixed income markets closed today. Canadian markets…

Markets

BOE and ECB: What It Means and What is Next

Marc Chandler Oct 6, 2011

The Bank of England, which has a penchant for surprising the market, chose not to wait for the quarterly inflation report to provide cover, and announce GBP75 bln additional bond purchases over the next four months. We forecast sterling to…

Political Economy

China Bill: Huff, Puff and Bluff

Marc Chandler Oct 5, 2011

US national elections are 13 months away and not coincidentally, the Congress is looking at a new measures to encourage China to re-value the yuan. While there is little doubt that the yuan in under-valued, though reasonable people may…

Economy

States and Municipalities: one crisis that has not materialized yet

Marc Chandler Oct 4, 2011

A little more than a year ago, many investors were worried about the US state and local government finances. There were genuine concerns that what was happening in Greece could very well be the future of numerous US local governments. Yet…

Markets

Chutes and Ladders: Preview of BOE and ECB Meetings

Marc Chandler Oct 3, 2011

The outcome of the Bank of England meeting will known first. Based on the dovish cast to the Sept BOE minutes and some recent comments, within the context of generally soft economic data, there is speculation that the BOE can resume its…

Markets

Japan: Yen upside risk on deflation threat

Marc Chandler Sep 29, 2011

More broadly, the recovery from the March tragedy appears to be running out of steam. Retail sales which surged in the April-June period fell in both July and August and deflation appears to be threatening again. The year-over-year pace of…

Economy

US Durable Goods Orders: Another Point for a Good Q3 GDP

Marc Chandler Sep 28, 2011

Today's durable goods orders data lends credence to our projection of fairly robust Q3 US GDP after the dismal 0.8% expansion in H1. The durable goods report is the third important piece of data that should encourage economists to look for…

Political Economy

Crisis and Instability – Searching for Terra Firma

Marc Chandler Sep 26, 2011

It was not immediately clear to many when the current crisis began that it was going to be this kind of event. The G7 and IMF understand how the cash register works and have vast experience in tweaking the cash register from time to time.…

Markets

ECB: despite talk of rate cuts, the focus is liquidity

Marc Chandler Sep 26, 2011

ECB member Mersh called the speculation over a 50 bp cut "wild", according to news accounts. However, given the dismal flash PMI readings and its correlation with GDP, the market is aware that the ECB can indeed cut rates next week, even…

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