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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.
One of the surprises of the year has been the increased internationalization of the yuan, even though the capital account has not been liberated and the currency remains tightly managed. We were skeptical of the significance of the yuan…
Dollar Trades Heavier After PBOC’s Rate Hike
Highlights The US dollar is trading heavier today as Asia and Europe sold into the strong gains scored in North America yesterday following yesterday’s surprise Chinese rate hike. Of the majors, the euro and Australian dollar are…
China Increases Depo Rate Stoking a Return to Dollars
Highlights The US dollar has been put back in the driver seat as the Central Bank of China raised its one-year lending and deposit rate by 25 bps. In effect, the move by the Chinese has drawn capital out of risk and reaffirmed the…
Dollar Edges Higher; Geithner Warns Against Devaluation
Highlights The dollar continued to edge higher through the Asian session, even making ground against the yen. EUR/USD slipped back towards $1.39, erasing the gains from the North American session, ahead of Germany’s ZEW report out later…
A Look at A Half Full Glass
Anticipation of QEII in the US remains among the most potent forces in the capital markets. Bernanke's pre-weekend speech and two dovish speeches since--Evans and Rosengren (both voting members of the FOMC). The case the…
US Industrial Output Disappoints
The US industrial production fell 0.2% in Sept. The market consensus was for a gain of the same magnitude. This is the first decline since June 2009. Manufacturing output fell 0.2%, utility output fell 1.9%, and mining…
Dollar Bounce – Not the Real Thing
Highlights The US dollar is broadly higher as the correction seen before the weekend was extended through the Asian session. In Europe, the greenback’s gains have been pared, but it remains above last Friday’s high against the…
The Broken Cash Register
Opinion seems nearly universal that what we are currently experiencing is not the typical business cycle with which we are familiar. Besides being the end of a long speculative bubble, and the magnitudes involved, the significance of what…
Waiting on Ben
Highlights The US dollar remains soft, but within yesterday’s trading ranges, as the market awaits Federal Reserve Chairman Bernanke’s speech early in the North American session (8:15 EST/12:15 GMT) on “Monetary Policy Objectives and…
Employment, Inflation and Trade Data Leave Dollar Vulnerable
US headline PPI came in somewhat higher than expected at 0.4%. Weekly initial jobless claims were a bit stronger than expected and the US trade deficit was wider than expected. The trade balance, adjusted for…