Marc Chandler | TalkMarkets | Page 158
Political Economist
Marc Chandler has been covering the global capital markets in one fashion or another for more than 25 years, working at economic consulting firms and global investment banks. Chandler attended North Central College for undergraduate work, where he majored in political science and the humanities. ...more

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Emerging Markets: What Has Changed - Friday, July 28
In the EM equity space as measured by MSCI, China (+1.4%), Indonesia (+1.3%), and Peru (+1.3%) have outperformed this week, while Korea (-2.9%), Mexico (-1.9%), and Egypt (-1.8%) have underperformed.
Dollar And Equities Closing Week On Heavy Note
The US dollar is mostly lower, though one of the features of recent days has been the dramatic slide of the Swiss franc, and that is continuing today.
Great Graphic: CRB Index Hits 2017 Down Trendline
The CRB Index gapped higher today and it follows a gap higher opening on Tuesday, which has not been filled. Today's gains lift the commodity index to a trendline drawn off the January and February highs and catches the high from late May.
What Is The Swiss Franc Telling Us?
The Swiss franc is trading at its lowest level against the euro since the Swiss National Bank surprised the world by lifting the currency cap in early 2015. This week's move has been especially pronounced.
Dollar Remains On The Defensive
The US dollar is narrowly mixed after selling off following the FOMC statement. Sometimes the narrative explains the price action, and sometimes the price action explains the narrative.
FOMC Sticks To Script: Balance Sheet Unwind To Begin "Relatively Soon" And USD Retreats
The FOMC statement reads very much like the June statement.
Dollar View: Discipline Or Stubbornness?
The US dollar is sitting near multi-month lows against the major European currencies and the dollar bloc.
Quiet Fed Day Without Yellen
The US dollar is sporting a slightly firmer bias. The biggest loser today is the Australian dollar, which is off nearly 0.5% following a soft headline inflation figure and comments from the central bank governor.
Summer Markets Ahead Of FOMC
The global capital markets are subdued today; a dearth of fresh news and tomorrow's FOMC meeting are making for light activity and limited price movement.
Great Graphic: Surprise - S&P 500 Outperforming The Dow Jones Stoxx 600
For the year-to-date, the S&P 500 is up about 10.3% while the Dow Jones Stoxx 600 is up almost 5%. We suspect many will be surprised first by the outperformance and then by the magnitude.
Progress In St. Petersburg
Expectations going into the OPEC monitoring meeting in St. Petersburg were low. June output appeared to have increased in several countries, and private sector estimates suggest output rose further in July.
Euro Recovers From Softer Flash PMI
The flash PMI was softer than expected, and although the composite fell to six monthly lows, it is more a reflection of how steady it has been at elevated levels.
Emerging Markets Week Ahead Preview - July 23
EM FX was mixed on Friday, but largely firmer over the entire week. The FOMC meeting this week poses some potential risks to the global liquidity story that’s supporting EM.
Don't Be Confused By The Facts Or Why Neither The Data Nor The Fed Will Alter Market Trends
ECB President Draghi signaled that central bank would reconsider policy at the September meeting when officials return from summer holidays, and new staff forecasts will be available.
Speculators Switch To Net Long Canadian Dollar Futures
Since the beginning of May the Canadian dollar has been the strongest of the major currencies. However, until the most recent CFTC reporting week ending July 18, speculators in the futures market were net short.
Dollar Slide Continues
The US dollar lost ground against all the major currencies, save sterling, over the past week, and also fell against most emerging market currencies.
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