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Great Graphic: The Rent is too Damm High

March 31, 2012
Quick great graphic from my webmaster, who is still in California drinking wine and watching baseball.


Also stay tuned because in honor of the campaign we will be introducing our new political series next week. Think this:

Great Graphic: The Rent is too Damm High Great Graphic: The Rent is too Damm High Reviewed by magonomics on March 31, 2012 Rating: 5
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Position Adjustments in the Currency Futures and More

March 31, 2012
Initial post and a a typo regarding the net long Australian dollar futures position.  It has been corrected here.  

Most observers who look at the weekly Commitment of Traders report in the currency futures market focus on the net non-commercial or speculative positioning.  The speculative positions rather than the commercial positions are studied…
Position Adjustments in the Currency Futures and More Position Adjustments in the Currency Futures and More Reviewed by Marc Chandler on March 31, 2012 Rating: 5
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Scandi Update

March 30, 2012
The Norwegian krone and Swedish krona are the strongest major currencies today, appreciating about 0.85% and 0.6% respectively. While the fundamental justification of the more modest gains in the other major foreign currencies may be more elusive, in the Scandi's case, fundamental developments are supportive.
Sweden reported stronger business…
Scandi Update Scandi Update Reviewed by Marc Chandler on March 30, 2012 Rating: 5
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Dollar Under Pressure at Month End

March 30, 2012
The US dollar is finishing the week, month and quarter on the defensive. The euro appears poised to challenge the $1.34 area that capped it earlier in the week, while sterling is trading above $1.60 for the first time since last November. Demand from short-term players as well as asset managers. Sterling has been particularly resilient over the p…
Dollar Under Pressure at Month End Dollar Under Pressure at Month End Reviewed by Marc Chandler on March 30, 2012 Rating: 5
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Dutch Update: Problem Unresolved, Pressure Mounts

March 29, 2012
The Dutch government nearly collapsed yesterday as efforts to find more savings to reach its deficit targets is causing near unbearable strains on the fragile coalition. However, highly secretive negotiations are resuming today as there is little alternative shy of new elections.
Recall the sequence of events. A key government agency warned of a b…
Dutch Update: Problem Unresolved, Pressure Mounts Dutch Update: Problem Unresolved, Pressure Mounts Reviewed by Marc Chandler on March 29, 2012 Rating: 5
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New Experiment in China: Perestroika?

March 29, 2012
The immediate focus on China is the possibility of another reduction in the required reserves. China has announced that this weekend (Saturday and Sunday) will be working days and that Mon-Wed next week are official holidays. This, coupled with the continued slide in the Chinese stock market (Shanghai Composite is off nearly 10% since March 14) an…
New Experiment in China: Perestroika? New Experiment in China: Perestroika? Reviewed by Marc Chandler on March 29, 2012 Rating: 5
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Dollar Firms, But Pittance Thus Far

March 29, 2012
The greenback is generally firmer today, but still remains largely bouncing along its recent trough.  The best case for a more positive assessment is with the Australian dollar, which has now fallen through last week's low to trade at its lowest level since mid-Jan. 
European officials have been making all kinds of allusions to the worst of …
Dollar Firms, But Pittance Thus Far Dollar Firms, But Pittance Thus Far Reviewed by Marc Chandler on March 29, 2012 Rating: 5
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It is Really about Political Economy in Greece

March 28, 2012
Greece's economic mess has understandably dominated investors' concerns. News from the ECB earlier today that Greek bank deposits fell 2.7% in February and now stand at the lowest level since Oct 2006, reflects the ongoing bank run. The fact that Greece's new 10-year bond is yielding around 20% reflects ongoing concerns that the PSI is…
It is Really about Political Economy in Greece It is Really about Political Economy in Greece Reviewed by Marc Chandler on March 28, 2012 Rating: 5
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Dollar Consolidates

March 28, 2012
It is difficult to get much of a signal from the market's noise today.  The dollar is largely consolidating recent moves, but euro, sterling and Swiss franc continue to appear fairly resilient to what seems to be a some deterioration in the underlying situation in Europe.  Key support for the euro remains prior resistance in the $1.3280-$1.33…
Dollar Consolidates Dollar Consolidates Reviewed by Marc Chandler on March 28, 2012 Rating: 5
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Great Graphic: Obama etc..

March 27, 2012
My brilliant webmaster is currently on spring break in California. But she had a few things to share.

The first is this hilarious, albeit not at all related to the markets SNL clip.

The second is this great graphic from the President Obama's pinterest page. For those of you who are (like myself) less adept at understanding social media check out…
Great Graphic: Obama etc.. Great Graphic: Obama etc.. Reviewed by magonomics on March 27, 2012 Rating: 5
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China Politics: Reflections from a One Party State

March 27, 2012
The original text confused the alignment:  President Hu came from the Youth League and his successor will have the backing of the princelings.   It has been corrected here.

The controversy surrounding demise of Bo Xilai in China has sparked much debate about Chinese politics. There seems to be a misunderstanding about the way a one party state wo…
China Politics: Reflections from a One Party State China Politics: Reflections from a One Party State Reviewed by Marc Chandler on March 27, 2012 Rating: 5
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Dollar Soft, Bernanke Misunderstood

March 27, 2012
The US dollar is little changed against the major currencies as North American players return to their posts.  A modest extension of yesterday greenback losses was seem, but a consolidiatve tone has emerged as the market awaits new incentives. 
Judging from the press coverage, we suspect many observers have misunderstood Federal Reserve Chairman…
Dollar Soft, Bernanke Misunderstood Dollar Soft, Bernanke Misunderstood Reviewed by Marc Chandler on March 27, 2012 Rating: 5
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Five Overlooked Euro Zone Developments

March 26, 2012
There are several developments that warn of future problems in the euro zone and these make us suspicious about the euro's ability to sustain the upside break.
First, we are surprised by the lack of commentary and focus on an important ECB decision last week. It decided to give member central banks the option of not accepting bonds as collate…
Five Overlooked Euro Zone Developments Five Overlooked Euro Zone Developments Reviewed by Marc Chandler on March 26, 2012 Rating: 5
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Today's Developments and 4 Important Observations

March 26, 2012
The US dollar is broadly firmer against the major currencies to start the week, but remains well confined to ranges seen at the end of last week. The market lacks conviction after shrugging off the disappointing European flash PMIs last week. Even though Italian and Spanish bonds are firmer today, outperforming Germany, we detect a deterioration o…
Today's Developments and 4 Important Observations Today's Developments and 4 Important Observations Reviewed by Marc Chandler on March 26, 2012 Rating: 5
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CFTC FX Positioning Update: Not What You Think

March 24, 2012
The latest Commitment of Traders report from the CFTC covers the week ending March 20.  Among the major currency futures, there was dramatic reduction of net short speculative positions.  To appreciate how this was achieved is only possible by disaggregating the data.  
The net speculative euro short position was cut to about 83k contracts from 99…
CFTC FX Positioning Update: Not What You Think CFTC FX Positioning Update: Not What You Think Reviewed by Marc Chandler on March 24, 2012 Rating: 5
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Next CB to Provide 3-Year Loans? Denmark

March 23, 2012
The Danish central bank will borrow a page from the ECB's playbook and provide 3-year loans to local banks next week (March 30). Denmark's banks (~120) have been largely locked out of the funding markets since senior creditors lost money when Amagerbanken failed a year ago.
Danish banks have to repay about DKK150 bln of state-backed debt n…
Next CB to Provide 3-Year Loans? Denmark Next CB to Provide 3-Year Loans? Denmark Reviewed by Marc Chandler on March 23, 2012 Rating: 5
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Short Update on France

March 23, 2012
France reported better than expected business confidence figures today. The March reading of 96 compares with Feb's 93 and is the first time in over a year that business confidence has improved two consecutive months.
Yesterday's disappointing flash PMI report (mfg 47.6 vs 50.0 in Feb and service unch at 50.0 vs expectations for a small …
Short Update on France Short Update on France Reviewed by Marc Chandler on March 23, 2012 Rating: 5
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Frustrating Friday as Euro and Sterling Bounce Back

March 23, 2012
The market has shrugged off the disappointing euro zone PMI to take the euro to a marginal new high for the week, and again mapping transversing the range of about $1.3140-$1.3500.   Sterling too rose through yesterday's highs, albeit briefly, though failed to take out the week's high set on Wed near $1.5923. 
While this price looks impres…
Frustrating Friday as Euro and Sterling Bounce Back Frustrating Friday as Euro and Sterling Bounce Back Reviewed by Marc Chandler on March 23, 2012 Rating: 5
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New Euro Group Head may be Announced Next Week

March 22, 2012
A battle is shaping up to replace Jean-Claude Juncker as the head of the Euro group of euro zone finance ministers. Juncker has held the largely thankless post since Jan 2005. His current term ends at midyear. His tenure was already extended and now he says enough is enough.
The position has some times been overshadowed by the EU President Van Ro…
New Euro Group Head may be Announced Next Week New Euro Group Head may be Announced Next Week Reviewed by Marc Chandler on March 22, 2012 Rating: 5
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Disappointment in Core, but Some Positve News in Periphery

March 22, 2012
The shockingly weak euro zone flash PMI, especially the sub-50 reading for German manufacturing, is the main focus today. New orders have been weak and the Bloomberg consensus does expect the euro zone economy to contract not only in Q1 but in Q2 and Q3 as well. Many participants seem to have confused the dramatic equity market rally in Q1 and red…
Disappointment in Core, but Some Positve News in Periphery Disappointment in Core, but Some Positve News in Periphery Reviewed by Marc Chandler on March 22, 2012 Rating: 5
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Four Surprises Send Dollar and Yen Higher

March 22, 2012
The market has been hit by four surprises:  Japan unexpectedly reported a trade surplus.  HSBC's flash PMI for China's manufacturing was plays on fears of a harder landing.  The euro zone flash PMI, and especially the disappointing German numbers underscores recessionary conditions in the region.  The UK's February retail sales decline…
Four Surprises Send Dollar and Yen Higher Four Surprises Send Dollar and Yen Higher Reviewed by Marc Chandler on March 22, 2012 Rating: 5
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Japan to Report Another Trade Deficit

March 21, 2012
Early Thursday in Tokyo, Japan is likely to report a trade deficit for February. On a unadjusted basis, it will be the 5th monthly deficit. Based on the trade figures for the first twenty days of February, it will likely be the smallest of the streak. The consensus is for JPY120 bln shortfall. On a seasonally adjusted shortfall, will the eleventh …
Japan to Report Another Trade Deficit Japan to Report Another Trade Deficit Reviewed by Marc Chandler on March 21, 2012 Rating: 5
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Great Graphic: Social Media Explained

March 21, 2012
The Huffington Post put it perfectly when they said LinkedIn is the gateway drug of social media for business. Unless you are one of the rare people who thrives in the chaos of social media you have probably felt like this at some time or another:

To clear things up here are a few great graphics on Social Media.

This first one from Mashable breaks …
Great Graphic: Social Media Explained Great Graphic: Social Media Explained Reviewed by magonomics on March 21, 2012 Rating: 5
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Bernanke Rejects Gold Standard: Apologies to the Paulistas

March 21, 2012
In yesterday's lecture, Federal Reserve Chairman rejected the idea that a return to a gold standard is desirable or practical. His pointed remarks come as Republican presidential candidate Ron Paul has fanned ideas in some quarters of the benefits of the discipline of a gold standard. Previously the outgoing World Bank head Robert Zoellick had…
Bernanke Rejects Gold Standard: Apologies to the Paulistas Bernanke Rejects Gold Standard: Apologies to the Paulistas Reviewed by Marc Chandler on March 21, 2012 Rating: 5
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UK and Netherlands in Focus

March 21, 2012
The US dollar is mostly softer today, despite the Fed's Kocherlakota clearly joining the less dovish camp that says no more accommodation (read QE3) is needed.  The euro extended yesterday's recovery to trade at new highs since March 8. 
We had anticipated the euro moving into the $1.3250-$1.3300 range after the $1.30 support held last w…
UK and Netherlands in Focus UK and Netherlands in Focus Reviewed by Marc Chandler on March 21, 2012 Rating: 5
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Great Graphic: Nuclear Energy

March 20, 2012
Anyone else see last week's Economist? It was on nuclear energy. They have a pretty awesome interactive graphic on their website.
Now I have posted great graphics before about energy, but they have mostly been about renewable energy and energy efficiency. We've looked at the potential of solar and wind energy in the United States, smart me…
Great Graphic: Nuclear Energy Great Graphic: Nuclear Energy Reviewed by magonomics on March 20, 2012 Rating: 5
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Thoughts about the Euro Zone's External Accounts

March 20, 2012
Yesterday, the euro zone reported that its January current account surplus of 4.5 bln euros was largest in almost five years. The December surplus was revised to 3.4 bln from 2.0 bln initially. The monthly swings of the time series can be misleading due to seasonal factors and the schedule of transfer payments.
The 12-month cumulative deficit wa…
Thoughts about the Euro Zone's External Accounts Thoughts about the Euro Zone's External Accounts Reviewed by Marc Chandler on March 20, 2012 Rating: 5
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Turn Around Tuesday or Just a Pullback?

March 20, 2012
The major foreign currencies are broadly weaker, retracing part of the Friday-Monday rally.  The ostensible trigger were reports of military action in Beijing.  There was talk of a reaction to the dismissal of Bo Xilai last week.   Such speculation is likely to prove wide of the mark, but was sufficient to get the ball rolling. 
Late foreign cur…
Turn Around Tuesday or Just a Pullback? Turn Around Tuesday or Just a Pullback? Reviewed by Marc Chandler on March 20, 2012 Rating: 5
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A Look Back at the US Financial Crisis: 2008

March 19, 2012
They say that hindsight is 20-20, and never is that more true than in the financial markets.

Inspired by this great timeline from the St. Louis Federal Reserve we are looking back on my thoughts at various points throughout the US Financial Crisis  In a post last week we looked at 2007 which set the stage for the crisis with trouble in the MBS in…
A Look Back at the US Financial Crisis: 2008 A Look Back at the US Financial Crisis: 2008 Reviewed by magonomics on March 19, 2012 Rating: 5
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Why I Like the Australian Dollar

March 19, 2012
The Australian dollar held support in the middle of last week near $1.04.  Japanese retail and institutional investors, always yield hungry have taken a new look, especially as they begin trying to diversify away from the Brazilian cash register.  There is still scope for another rate cut from the Reserve Bank of Australia, possibly in May, but t…
Why I Like the Australian Dollar Why I Like the Australian Dollar Reviewed by Marc Chandler on March 19, 2012 Rating: 5
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Spain Update

March 19, 2012
The Spanish news stream is poor as the media focuses on local bank reliance central bank funding and the 2012 budget that will be unveiled next week. Just like roughly 1 in 3 that are unemployed in the euro zone are in Spain, Spanish banks account for almost half of the borrowing from the ECB in February.
Recall that Prime Minister Rajoy unilate…
Spain Update Spain Update Reviewed by Marc Chandler on March 19, 2012 Rating: 5
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Consolidative Tone at Start of Week

March 19, 2012
There has not been any meaningful follow through to the pre-weekend foreign currency rally and the euro, sterling and Swiss franc are consolidating in unremarkable activity at the upper end of Friday's ranges.  The yen is a bit stronger amid talk of exporter dollar selling after the greenback's upside momentum faded just above JPY84.00 la…
Consolidative Tone at Start of Week Consolidative Tone at Start of Week Reviewed by Marc Chandler on March 19, 2012 Rating: 5
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Speculative Positioning Update: Commitment of Traders

March 17, 2012
There were two significant shifts in net speculative positioning in the week ending March 13, according to the latest Commitment of Traders report.  The first is an acceleration of the short covering in the euro.  The second is the extension of short yen positions.  
The fact that the euro held support near $1.30 is important.  That is the bottom o…
Speculative Positioning Update: Commitment of Traders Speculative Positioning Update: Commitment of Traders Reviewed by Marc Chandler on March 17, 2012 Rating: 5
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Fragmentation of Risk-on/Risk-off Matrix

March 15, 2012
One of the most important developments in the foreign exchange market is the fragmentation of the risk-on/risk-off matrix that was a key feature since the onset of the financial crisis.  While cognizant of the non-linear nature of the capital markets and the fact that returns are not normally distributed, we continue to find use in monitoring the …
Fragmentation of Risk-on/Risk-off Matrix Fragmentation of Risk-on/Risk-off Matrix Reviewed by Marc Chandler on March 15, 2012 Rating: 5
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Dollar Consolidating, But may Bounce in US Today

March 15, 2012
The US dollar is consolidating its recent gains in the foreign exchange market as players await fresh trading incentives.  There is a host of US economic data today, including weekly jobless claims, regional Fed surveys (Empire and Philly for March), PPI and the TIC data.  Yet barring major surprises, the data will not shake the market's confi…
Dollar Consolidating, But may Bounce in US Today Dollar Consolidating, But may Bounce in US Today Reviewed by Marc Chandler on March 15, 2012 Rating: 5
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Great Graphic: US Solar Capacity Installed in 2011 Great Graphic: US Solar Capacity Installed in 2011 Reviewed by magonomics on March 14, 2012 Rating: 5
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A Look Back at the US Financial Crisis: 2007

March 14, 2012
It is important to look back on critical moments of history. For example who among us doesn't remember this iconic moment in 21st century pop culture:

No one? Maybe that is just my millennial webmaster. 2012 marks the five year anniversary since the start of the US Financial Crisis. I found this great timeline by the St. Louis Federal Reserve. …
A Look Back at the US Financial Crisis: 2007 A Look Back at the US Financial Crisis: 2007 Reviewed by magonomics on March 14, 2012 Rating: 5
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FX Note from Singapore

March 13, 2012
The US dollar is narrowly mixed as the European session is getting under way.  Players appear to lack near-term conviction.  The euro is trying to recover from the breakdown at the end of last week, but needs to resurface above the $1.3210 area to blunt some of the negative bias.  The downside beckons.   The fact that the $1.56 level held in ster…
FX Note from Singapore FX Note from Singapore Reviewed by Marc Chandler on March 13, 2012 Rating: 5
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True Story

March 12, 2012
Sometimes keeping up with financial news can feel like this:

So here are the top five posts from the past month:
The Tragdey that is Spain

Note on Commitment of Traders

PSI Update

A Quick Look at Commitment of Traders in the Currency Futures

Why Portugal
True Story True Story Reviewed by magonomics on March 12, 2012 Rating: 5
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Seven Thoughts to Start the New Week

March 12, 2012
Half way through the Asian business trip and unable to follow the nuances of the foreign exchange market, but from a high level here is what I am thinking about, well besides this:


1. Four central banks meet this week, the Fed, the BOJ, the SNB and the Norges Bank. None will take new action. The Fed may tweak its assessment of the economy a little…
Seven Thoughts to Start the New Week Seven Thoughts to Start the New Week Reviewed by magonomics on March 12, 2012 Rating: 5
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A Quick Look at Commitment of Traders in the Currency Futures

March 11, 2012
The speculative positioning in the currency futures market gives insight into a particular market segment. It is understood as a microcosm of trend followers and momentum players. In recent weeks, we have been not simply looking at the net position, but have drilled deeper to see the changes in the long and short positions that generate the sh…
A Quick Look at Commitment of Traders in the Currency Futures A Quick Look at Commitment of Traders in the Currency Futures Reviewed by magonomics on March 11, 2012 Rating: 5
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Great Graphic: Filling in the Monetary Blanks Great Graphic: Filling in the Monetary Blanks Reviewed by magonomics on March 08, 2012 Rating: 5
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Great Graphic: Top Internet IPOs

March 07, 2012
I am in Asia for the next ten days to, among other things, give a speech at the Investment Management Association of Singapore's annual conference on March 14th. While I am gone my brilliant webmaster is in charge, and since she is always showing me something new with regards to life technology I thought we could post this great graphic about …
Great Graphic: Top Internet IPOs Great Graphic: Top Internet IPOs Reviewed by magonomics on March 07, 2012 Rating: 5
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Markets Take A Breath--Fragile Consolidation

March 07, 2012
Beginning a 10-day business trip to Asia.  Posts over this period may be sporadic.
The US dollar is slightly weaker today, but generally consolidating yesterday's large advance.  The tone is cautious and fragile with the Greek PSI conclusion looming. Although Greek banks and their pension funds, coupled with the most of the IIF's steering c…
Markets Take A Breath--Fragile Consolidation Markets Take A Breath--Fragile Consolidation Reviewed by Marc Chandler on March 07, 2012 Rating: 5
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Pressure in the Core: Dutch Treat

March 06, 2012
To the extent there is much investor concerns about the core of the euro area it has tended to focus on the French elections, where the Socialist challenger Hollande has been particularly provocative in his campaign rhetoric. He has called for a dramatic increase in taxes on the wealthy and insists on renegotiating the recently approved fiscal pac…
Pressure in the Core: Dutch Treat Pressure in the Core: Dutch Treat Reviewed by Marc Chandler on March 06, 2012 Rating: 5
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PSI Update

March 06, 2012
Uncertainty over the participation in the Greek bond swap is a major source of anxiety today. Rumors circulated earlier that the PSI "invitation" would be extended by a week due to low participation have been officially denied, but rumors themselves illustrate the market's apprehensions.
It does appear that participation will be su…
PSI Update PSI Update Reviewed by Marc Chandler on March 06, 2012 Rating: 5
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Markets Brace for Poor Developments

March 06, 2012
The US dollar is broadly higher against most of the major and emerging market currencies amid concern that the Greek PSI will not see sufficient participation to avoid the triggering of the collective action clauses or worse. At the same time, the downgrade of China’s growth forecasts and the softer service sector PMI released yesterday, continue…
Markets Brace for Poor Developments Markets Brace for Poor Developments Reviewed by Marc Chandler on March 06, 2012 Rating: 5
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Great Graphic: Why We Need the New York Solar Jobs Act

March 05, 2012
The New York Solar Jobs Act is currently in Albany and we need it to pass more than Upper East Siders need the Second Avenue Subway or the Knicks need Jeremy Lin. (New York Residents click here to find out how to show your support) Not only would it create 5,000 mW of solar capacity by 2025 but it would add 22,000 new jobs and a $20 billion boost …
Great Graphic: Why We Need the New York Solar Jobs Act Great Graphic: Why We Need the New York Solar Jobs Act Reviewed by magonomics on March 05, 2012 Rating: 5
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CNBC: Euro Outlook, but Sell Swiss Francs CNBC: Euro Outlook, but Sell Swiss Francs Reviewed by Marc Chandler on March 05, 2012 Rating: 5
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The Tragedy that is Spain

March 05, 2012
The Greek PSI will be resolved one way or the other this week. Early reports suggest a weak start and the triggering of collective action clauses and credit default swaps remain a distinct possibility. Portugal is next and, although the credit dynamics and implementation of reforms are superior to Greece, the risk remains high that it will need a …
The Tragedy that is Spain The Tragedy that is Spain Reviewed by Marc Chandler on March 05, 2012 Rating: 5
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Dollar Bid, Critical Events Loom

March 05, 2012
The US dollar is posting modest gains against most of the major and emerging market currencies to start what is likely to be among the most important weeks here in the first quarter, with numerous central banks meeting, first tier economic data and the deadline for the Private Sector Involvement (PSI) in Greece. The yen is bucking the generalizati…
Dollar Bid, Critical Events Loom Dollar Bid, Critical Events Loom Reviewed by Marc Chandler on March 05, 2012 Rating: 5
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Note on Commitment of Traders

March 03, 2012
There have been several interesting changes to the net speculative positions in the currency futures over the past week through Feb 28.  While not capturing the reversals in the euro and sterling at the end of the week, the data is still revealing.   The most notable change has been that the net speculative position has swung from short to long yen…
Note on Commitment of Traders Note on Commitment of Traders Reviewed by Marc Chandler on March 03, 2012 Rating: 5
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Dollar Finishing Week with Bid Tone

March 02, 2012
The US dollar is bid.  It has recouped every thing it lost in the first half the week against the euro.  It is flirting with its 20-day moving average against both the euro ($1.3254) and Swiss franc (CHF0.9108).  The constructive technical toned identified here at mid-week has undermined by what two considerations, the backing up of US rates, whic…
Dollar Finishing Week with Bid Tone Dollar Finishing Week with Bid Tone Reviewed by Marc Chandler on March 02, 2012 Rating: 5
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Great Graphic: Apple

March 01, 2012
There is no doubt Apple has a huge impact on our society. However if you've been living under a rock for the past decade here is some proof:


But exactly how big is Apple? This great graphic from Mashable shows us:
(You might have to click on the image to see it properly)
Great Graphic: Apple Great Graphic: Apple Reviewed by magonomics on March 01, 2012 Rating: 5
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Euro and Yen: Looking for a Black Cat in a Dark Room

March 01, 2012
Never known for being easy, the euro and yen seem particularly difficult to understand presently. During such times it is often best to return to basics. Foreign exchange reflects the cost of money. So do interest rates. The relationship between the two is not always clear and stable. Recently there have been some shifts in those relationships th…
Euro and Yen: Looking for a Black Cat in a Dark Room Euro and Yen: Looking for a Black Cat in a Dark Room Reviewed by Marc Chandler on March 01, 2012 Rating: 5
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Don't Lose Sleep over China's Fewer Treasury Holdings

March 01, 2012
Want more on China? See this piece I did back in 2010.

Revisions to the holdings of US Treasuries have set the chins wagging.  The key focus is on China's holdings of Treasuries. 
While the new data revised sharply higher June 2011 Chinese holdings to $1.307 trillion from $1.165 trillion the data points to a sharp decline in the second half …
Don't Lose Sleep over China's Fewer Treasury Holdings Don't Lose Sleep over China's Fewer Treasury Holdings Reviewed by Marc Chandler on March 01, 2012 Rating: 5
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Europe and Bernanke--Euro May Recover

March 01, 2012
The day after the LTRO, Europe has reported a mixed batch of PMI readings that underscore the multi-speed Europe that is emerging.  Germany, France, UK Norway and Sweden appear to be stabilizing.  However the rest seem to still be in difficult straits. 
A case can be made that Ireland, Italy and Switzerland are stagnating, while Greece and Spain a…
Europe and Bernanke--Euro May Recover Europe and Bernanke--Euro May Recover Reviewed by Marc Chandler on March 01, 2012 Rating: 5
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