Marc Chandler – ECB President Mario Draghi rebuffed calls for a reconsideration of policy in light of the disappointing string of economic data. Bunds have sold off and the euro firmed in the initial reaction to Draghi's press conference. He acknowledged...
By Marc Chandler – The decline in the global equity market is the most serious since the February and March spill. In this Great Graphic, the white line is the S&P 500. With the current setback, it is up around nine percent over the past 12 months.
By Marc Chandler – On this day in 1971, US President Nixon broke the last formal links between the dollar and gold and ushered in the modern era of floating exchange rates. What was a necessity has become a virtue...
By Marc Chandler – Oil prices are weaker for the third straight day and are off in four of the past five sessions, the poorest run in two months. Supply considerations may threaten a year-old trend line.
By Marc Chandler – The US economy is among the strongest among the large economies. Goosed by the never-fail elixir of tax cuts and spending increases, the US economy is accelerating. Nevertheless, we continue to see the fiscal...
By Marc Chandler – Trading is not just about risk assessment and fundamental and technical analysis. There seems to a biological component that is gradually percolating into the mainstream. John Coates’ book...
By Marc Chandler – The escalation of trade tensions between the world's two largest economies is scaring investors, who are liquidating equities and buying core bonds. The dollar and yen are the strongest of the major...
By Marc Chandler – It is like deja vu all over again. Yesterday, a hawkish Fed saw the dollar rally and then reverse lower. A hawkish ECB saw the euro make a new session high and then turned around and traded below yesterday's lows.
By Marc Chandler – The first five months of the year have had plenty of unwelcome surprises for investors. Volatility has reigned throughout the capital markets, despite the continued net expansion of central bank balance sheets...
By Marc Chandler – We anticipate a hawkish hold in the sense that the Federal Reserve is likely to make minor adjustments in its statement that recognize the increased confidence of achieving its mandate. Economic growth remains above trend...
By Marc Chandler – The US was the first. Powell has replaced Yellen at the top of the Federal Reserve. His testimony tomorrow and Thursday will be his first and next month's FOMC meeting will be the first he chairs. There is little doubt...
By Marc Chandler – There is an unease that continues to hang over the market. It is as if a shoe fell last week, and most investors seem to be waiting for the other shoe to drop. It is hard to imagine the kind of body blow that...
By Marc Chandler – Yesterday, the Bundesbank, quickly followed by the central bank of France, acknowledged that they had purchased yuan for reserves. The market seemed surprised and seemingly used it as an excuse to sell dollars...
By Marc Chandler – The ECB delivered what the market expected in terms of the size and duration of the asset purchases. The ECB initial statement also included a dovish reminder of the extent of the unorthodox monetary policy.
By Marc Chandler – In the face of much cynicism and pessimism about the outlook for the Trump Administration's agenda, we have repeatedly pointed out the resilience of the system of checks and balances. Many of the more extreme...
By Marc Chandler – The US dollar's sell-off that began before the weekend continued yesterday and is accelerating today. North Korea's provocations have added to fuel to the fire that was already burning. Coming out of Jackson Hole the consensus scenario of ECB...
By Marc Chandler – Charles Wilson, the former CEO of General Motors before becoming Defense Secretary under President Eisenhower, once famously quipped that "what is good for the country is good for GM and vice versa."
By Marc Chandler – Thursday, July 27 is the 64th anniversary of the cease fire that ended the overt hostilities in the civil war. In the past, North Korea has used the occasion to display its military might, including a missile launch.
By Marc Chandler – The renegotiation of NAFTA is set to begin in August. Ahead of it, US Commerce Secretary Ross threatened an 80% tariff on sugar from Mexico if the three-year conflict was not resolved here in early June.
By Marc Chandler – Greece is stuck. It has fulfilled nearly every demand of the official creditors. Most recently, it agreed to cut some pensions and raise some taxes after the current aid package expires around the middle of next year.
