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.

News

Inching Towards a Solution on Both Sides of the Atlantic

Marc Chandler Jul 20, 2011

Safe havens continue trade on the back foot as risk appetite resurgences; European stocks up over 1%. Euro trades above $1.42 ahead of tomorrow’s summit; EZ summit likely to address two key issues. Brazil’s central bank expected to deliver…

Markets

Mrs Watanabe has amassed a large short yen position

Marc Chandler Jul 19, 2011

Something interesting is being played out. Margin traders--the famed Mrs Watanabe-- at the Tokyo Futures Exchange--have amassed a large short yen position. There are about 900k short yen contracts as of today and about 364k are short yen…

News

A Temporary Sigh of Relief?

Marc Chandler Jul 19, 2011

Safe havens trade on the back foot as risk appetite resurgences; BoC expected to remain on hold. Options pricing suggests that the market is prepared for the worst ahead of Thursday’s summit. In the EM space macroprudential measures in…

Markets

How to Think about Currency Intervention Risks

Marc Chandler Jul 14, 2011

Officials from Japan and Switzerland have stepped up their rhetoric protesting the price action that has propelled their respective currencies sharply higher. Contrary to market anxiety the risk of intervention remains low and lower for the…

News

Pre-Market: Asian Economic Data Boosts Sentiment

Marc Chandler Jul 13, 2011

Dollar pares recent gains as EZ struggles to control crisis; Global stocks boosted by Asian data reports. North American session likely to be dominated by Bernanke; further easing unlikely but still possible. Chinese economic narrative…

Markets

Europe: Contagion and Containment

Marc Chandler Jul 11, 2011

Tolstoy tells us in the first line of Anna Karenina that "Happy families are all alike; every unhappy family is unhappy in its own way." This is directly applicable to Europe. It is easy to tar all (growing) peripheral countries with the…

Political Economy

Tax Holiday: Homeland Investment Charade

Marc Chandler Jul 8, 2011

It is not clear that there is a political consensus for a stand-alone tax holiday. There may be support for the stand-alone tax holiday as part of a larger corporate tax reform effort. If it is enacted, job growth and capital investment is…

News

Markets Cautious Ahead of Non-Farm Payrolls

Marc Chandler Jul 8, 2011

Dollar is mostly firmer ahead of NFP report; Stocks in Europe were impacted by new credit concerns. Market expecting a good number following ADP; USD/JPY likely to firm off the back of higher yields- The Brazilian real was the best…

Economy

Conceptualizing Forces Driving the Euro-Dollar Exchange Rate

Marc Chandler Jul 7, 2011

Investors should consider monitoring the euro's risk reversals to compliment the analysis of spot. The current reading suggests the market less comfortable with long euro exposure than the relative resilience in the spot market would seem…

News

ECB in Focus

Marc Chandler Jul 7, 2011

Dollar is little changed ahead of today’s ECB meeting and ADP report; stocks/commodities are steady. BoE holds steady, ECB is expected to deliver a 25bps rate hike; market focus likely to be on comments. Brazilian policy makers focus on…

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