Japan

On May 7th, the market covered some short euro exposure in anticipation of some sort of response by European officials.  As we know they came up with a large package of guarantees (not just for Greece) and loans, and the ECB provided…

Highlights The euro was confined within a $1.25-$1.26 range in the euro session, with intervention talk and hope (in vain) for new measure at today’s EU Fin ministers meeting leaving a slightly more bid sentiment in place. This is all…

Highlights The euro has recovered from yday’s low, but the risk remains strongly tilted to the downside and so this is a good selling opportunity (see below). The EU Fin. ministers have disbursed the first tranche of loans to Greece…

Highlights The US dollar is surrendering its recent gains against most major and emerging market currencies today amid reports that new substantial Greek savings (24 bln euros) will be sufficient to spur a larger (100-120 bln euro) aid…

The same day that Moody’s cut Greece’s sovereign rating to A3 from A2, Fitch warned that Japan’s credit rating was threatened by its mounting debt.  Yet, ironically, the latter may be a source of funds for the former.  Although…

Asia: Asian equities rallied on improving global growth prospects, with the MSCI Asia-Pacific Index advancing for its 6th consecutive session.  The 0.3% rise puts the index at its highest level since mid-Jan.  Of note, the…

Highlights The US dollar is little changed against the major foreign currencies despite robust purchasing manager index reading throughout Europe and Asia.  The lack of much of a market reaction could reflect one of two factors. …

Marc Chandler is the global head of Brown Brother Harriman’s top ranked Currency Strategy Team. For more of BBH’s currency views, please visit the BBH FX website here. Highlights The US dollar is consolidating yesterday’s outsized…

Highlights The US dollar is softer against most major currencies.  The still expansionary FOMC statement, the BoJ’s extension of Q/E overnight and the conclusion of the EU finance ministers’ meeting yesterday may have helped ease…

Popular myth and, allegedly, the laws of aerodynamics have it that the bumblebee should not be able to take flight. Yet still, our good bumblebee refuses to be pulled down by such details and year after year it takes flight as if nothing…