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Markets
Dollar Down for a Second Day Ahead of FOMC Meeting
Highlights The US dollar is mostly lower for the second day in a row ahead of the Fed’s meeting this afternoon. The euro maintained a supportive tone after the German ZEW release, which showed improving consumer confidence, but buying…
ECB: Where is the Shock and Awe?
by Marc Chandler The Financial Times reports that as Trichet was holding a press conference after the recent ECB meeting, European central banks were buying large amounts of sovereign European bonds. Reports suggested that the amounts were…
FOMC Preview and Dollar Outlook
by Marc Chandler A new factor has arisen that complicates the Federal Reserve’s task as it prepares for its last meeting of the year. The broad outlines of the agreement between President Obama and the Republican leadership on fiscal…
Policy Uncertainty To Weigh On Turkish Lira
by Win Thin There seems to be some policy uncertainty brewing in Turkey, which we view as negative for the lira. Today, central bank Deputy Governor Basci published a paper on the bank’s website that suggested a combination of interest…
Week Begins With Global Equities Solidly Higher, Dollar Softer
The US dollar is mostly lower with little movement among the majors. The euro remains fairly subdued but recovered early session losses to break above Friday’s close. This week in Europe will be dominated by upcoming political events in…
Spanish Bonds Continue to Retreat Ahead of Supply
by Marc Chandler Spanish bonds have fallen each day this week. The 13 bp increase today brings the 10-year yield increase to 30 bp this week, easily the worst performing bond market within the euro zone. Portugal has the dubious honor of…
Markets Await China’s Next Move
Highlights The US dollar is mostly lower as the market anticipates the data deluge from China this weekend (along with the preliminary 50bp hike in reserve requirement) and trading volumes narrow. The euro drifted moderately higher, as…
Market Still Facing Major Risks
The deal between President Obama and the Republican congressional leadership is not likely to have a significant positive effect on an economy facing severe headwinds pulling in a negative direction. The key fact to remember is that we are…
Ireland’s Rating Cut, Dollar Continues to Rally
Highlights The US dollar headed higher, except against the Australian dollar, but continues to outperform against the rest of the G10. The euro, after earlier losses accelerated around $1.332, traded below $1.320 following the news that…
Three observations on China’s purchases of Japanese assets
by Marc Chandler Three observations to share about China, regarding purchases of Japanese assets, suspension of 3-year debt auction for tomorrow and rate hike possibility. First, Japan's MOF reported that China bought JPY262.6 bln of…