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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.
Highlights US dollar was softer vs. the majors, with EUR/USD making a new high for this bounce just above 1.24 (highest since May 28) on relief that Spain bond sale went OK. We think the current euro rally could go as high as 1.25,…
Dollar’s Downside Correction Extends After Successful Spanish Auction
Highlights The US dollar is broadly lower, following a successful Spanish bond auctions and indications that the Swiss National Bank is not prepared to continue the heavy intervention that was reported last month. After a slow start…
Chile Upgrade By Moody’s Highlights Divergence Within Emerging Markets
Moody’s upgraded Chile to Aa3 (equivalent to AA-), citing its “financial resilience” after the Feb earthquake. Moody’s also praised years of solid macro policies, the fiscal surplus rule, and low debt as other factors behind the…
Spain in the Cross Hairs
There have been several press reports in recent days, all vehemently denied, that a multilateral effort is underway to put together a special aid package for Spain. Often times, one hears "where there is smoke, there is…
Dollar Firmer, Euro Remains Resilient As Officials Deny Bailout Rumors
Highlights The US dollar is consolidating its recent losses and is enjoying a somewhat firmer tone today. Although the initial advance in the euro was helped by a favorable news stream, macro-developments do not appear to be driving…
Brazil Real is Rich, Might Get Richer
Brazil is getting ready to play its first World Cup game and the real is trading firmly. For the last three days, the dollar has been flirting with its 100-day moving average, just above BRL1.80. Today's break below that …
Euro Resilient In Face of Weak European Data
Highlights The US dollar is mixed in choppy trading. The euro has shrugged off a weaker than expected ZEW survey (28.7 vs. 42.0 consensus after finding a bid near $1.2170. The BOJ unveiled a new JPY3 trillion loan…
Moody’s Downgrades Greece–Euro Already Coming Off
News that Moody's cut Greece's credit rating to Ba1 from A3 is encouraging the market to do what it was already doing and that is paring the euro's earlier sharp gains. This was a four notch downgrade, which reflects the…
Euro Up but Spain Under Pressure
For the fifth day, the euro is recording higher highs and higher lows. It has advanced by roughly 3.25% since last Monday's lows. While we recognize an improved news stream, the main circumstances of the European debt crisis have not…
Dollar Continues to Pullback
By Marc Chandler of Brown Brothers Harriman Highlights The US dollar is extending last week’s pullback in what appears to be largely position adjustments, partly as a function of a better news stream and a healthier appetite for…