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Great Graphic: US Money Printing is Not All That

February 28, 2013
This Great Graphic was posted on the FT Alphaville, which in turn appears to have gotten it from Credit Suisse, w ho relied on Thomson Reuters data.

A prevalent monetarist argument is that foreign exchange prices should reflect the relative changes in the stock of money.  This is part of the reason why so many expect QE to be negative for a curre…
Great Graphic: US Money Printing is Not All That Great Graphic: US Money Printing is Not All That Reviewed by Marc Chandler on February 28, 2013 Rating: 5
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Sequester Fester, No Cliff

February 28, 2013
The political paralysis means that the $1.2 trillion in spending cuts are set to go into effect with an $85 bln in cuts during the remainder of the current fiscal year.  Assuming that ever dollar cut in spending reduces GDP by a dollar, the sequester will shave US growth by around 0.5% this year.               

However, the way households will be…
Sequester Fester, No Cliff Sequester Fester, No Cliff Reviewed by Marc Chandler on February 28, 2013 Rating: 5
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Great Graphic: Cross Border Capital Flows

February 28, 2013
This Great Graphic comes from one of the best reports on the global capital markets. For the last several years McKinsey&Company publishes an annual report on it and released this year's earlier this week. Here is the link.  It is a must read and it is free.  
The question it poses this year is whether financial globalization is retreat…
Great Graphic: Cross Border Capital Flows Great Graphic: Cross Border Capital Flows Reviewed by Marc Chandler on February 28, 2013 Rating: 5
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Calmer Markets Continue

February 28, 2013
The global capital markets continue to stabilize after the UK downgrade and Italian election results disrupted the start of the week. Investors appear to be finding consolation in assurances from the major central banks that the extraordinarily accommodative monetary policies will continue to for some time. 
These new assurances, if you will, be…
Calmer Markets Continue Calmer Markets Continue Reviewed by Marc Chandler on February 28, 2013 Rating: 5
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Great Graphic: Post-PC Era

February 27, 2013
This Great Graphic was from a post by Eric McWhinnie on Wall Street Cheat Sheet.  He got it from Statista.  It illustrates the new technology era that has begun--the post-PC era.  
Here is how it fits into the larger thesis I am working on--threads of which run through my longer term analysis over the past couple of years (overview here).  
Essen…
Great Graphic: Post-PC Era Great Graphic: Post-PC Era Reviewed by Marc Chandler on February 27, 2013 Rating: 5
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Abenomics: Where the Rubber Hits the Road

February 27, 2013
On Thursday in Tokyo, before the Prime Minister Abe has lunch, he will formally nominate the new Bank of Japan management team.  Former MOF and now Asian Development Bank head Haruhiko Kuroda has now been widely tipped to get the nod for governor and the main opposition party informally has indicated its approval.  
As we argued earlier this mont…
Abenomics: Where the Rubber Hits the Road Abenomics: Where the Rubber Hits the Road Reviewed by Marc Chandler on February 27, 2013 Rating: 5
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Great Graphic: Economists Divided on Minimum Wage Debate

February 27, 2013
This Great Graphic comes from the University of Chicago's business school blog.  A tip of the hat to Justin Wolfers for noting it.  It shows the results of a survey of economists and their view and conviction level of the impact of a higher minimum wage. 
The key take away is how strongly divided professional economists are over the issue.  I…
Great Graphic: Economists Divided on Minimum Wage Debate Great Graphic: Economists Divided on Minimum Wage Debate Reviewed by Marc Chandler on February 27, 2013 Rating: 5
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Fragile Stability Tries To Emerge

February 27, 2013
The capital markets are stabilizing as it has now taken the Italian political quagmire on board. Italian yields have steadied after reaching 3-month highs yesterday, and the government, as it were, was able to sell new debt to the market, raising in full 6.5 bln euros. Yields were of course higher than month's sales, but demand was solid. I…
Fragile Stability Tries To Emerge Fragile Stability Tries To Emerge Reviewed by Marc Chandler on February 27, 2013 Rating: 5
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France's Firebreak Weakens

February 26, 2013
France had pinned its hope that threat to EMU would be turned back before the wolf came it its door. The Italian political tensions come at the poor time for France. Its ability to absorb shocks is terrible constrained.
Recall what has happened in recent days. Q4 GDP showed a larger contraction than expected. The flash PMI showed the contracti…
France's Firebreak Weakens France's Firebreak Weakens Reviewed by Marc Chandler on February 26, 2013 Rating: 5
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Great Graphic: 2-Year Differential and Dollar vs Euro

February 26, 2013
This Great Graphic, created on Bloomberg, shows two time series. The bar chart is the dollar against the euro (the inverse of the conventional euro rate against the dollar). The line is the 2-year interest rate differential between the US and Germany. 
We have shown the chart before, but thought it worth updating as it remains a close fit.  
The…
Great Graphic: 2-Year Differential and Dollar vs Euro Great Graphic: 2-Year Differential and Dollar vs Euro Reviewed by Marc Chandler on February 26, 2013 Rating: 5
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The Italian Job

February 26, 2013
The foreign exchange market has calmed after initial follow through to the dramatic price action in the North American afternoon yesterday as it became clear that the Italian election was not going to produce a majority in the Senate.  
While several large countries, like the US, Germany and Japan, have divided houses as it were.  The problem in I…
The Italian Job The Italian Job Reviewed by Marc Chandler on February 26, 2013 Rating: 5
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Great Graphic: Rise of the Yuan (in Hong Kong)

February 25, 2013
This Great Graphic comes from the CME.  We tend not to see the increase in the yuan's deposits in Hong Kong as the same as its internationalization.  After all, Hong Kong is part of China and is just as much, we have argued of the Sino-ification of Hong Kong.  
At the same, time, the graphic shows a stabilization of the yuan on deposit in Hon…
Great Graphic: Rise of the Yuan (in Hong Kong) Great Graphic: Rise of the Yuan (in Hong Kong) Reviewed by Marc Chandler on February 25, 2013 Rating: 5
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Ten Things that should be on Your Radar Screen This Week

February 25, 2013
The week has begun off with a bang.  Follow through selling of sterling in early Asia saw its losses extended to almost $1.5070 before recovering almost a cent by early Europe to about $1.5165, filling the gap created by the lower opening in Asia.

The dollar gapped higher against the yen on reports that Asia Development Bank Kuroda may become the …
Ten Things that should be on Your Radar Screen This Week Ten Things that should be on Your Radar Screen This Week Reviewed by Marc Chandler on February 25, 2013 Rating: 5
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Cool Video: Mitochondrial Eve

February 24, 2013
I stumbled on this cool video on YouTube. In an entertaining fashion it explains some of most mind-boggling things about our cells--that the mitochondria, which provides energy for the cell, likely is the vestige of an ancient bacteria that existed outside of the cell. It has its own DNA. Our mitochondria comes exclusively from our mothers. I…
Cool Video: Mitochondrial Eve Cool Video: Mitochondrial Eve Reviewed by Marc Chandler on February 24, 2013 Rating: 5
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The Meaning of Moody's Downgrade of the UK: Nothing

February 23, 2013
Moody's took away the UK's triple A rating late Friday. A ratings downgrade has long been rumored, and although the timing is always surprising, the move itself has long been anticipated. Sterling slumped on the news in thin dealings, losing a cent in about 30 minutes.
When it comes to corporate ratings we can appreciate that rating age…
The Meaning of Moody's Downgrade of the UK: Nothing The Meaning of Moody's Downgrade of the UK: Nothing Reviewed by Marc Chandler on February 23, 2013 Rating: 5
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Currency Positioning and Technical Outlook: A View of the Long-Term Charts

February 23, 2013
The Lebanese-American poet Kahlil Gibran observed that sometime a mountain is clearer to a climber from the plain rather than the summit.  In this spirit, we take a step back this week.

Given the sizable moves in the foreign exchange market, we thought it might be useful to look at the long-term technical picture of the major currencies.  Rather t…
Currency Positioning and Technical Outlook: A View of the Long-Term Charts Currency Positioning and Technical Outlook: A View of the Long-Term Charts Reviewed by Marc Chandler on February 23, 2013 Rating: 5
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Great Graphic: Dollar Pushing Through Trendline vs CAD

February 22, 2013
This Great Graphic, created on Bloomberg, shows the US dollar is threatening to move above a trendline against the Canadian dollar drop off the 2011 and 2012 highs. 
The proximate cause is the dismal retail sales report., which collapsed 2.1% in December.  The market had been looking for a 0.3% decline.  It is the largest decline since September 2…
Great Graphic: Dollar Pushing Through Trendline vs CAD Great Graphic: Dollar Pushing Through Trendline vs CAD Reviewed by Marc Chandler on February 22, 2013 Rating: 5
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Dollar Consoldiates After Big Week

February 22, 2013
The North American market will put the finishing touches on what has been a generally constructive week for the US dollar. Ironically, the one notable currency that it slipped against is the Japanese yen.  Many had come away from the G20 meeting thinking it gave a green light to sell the yen. 
We read the G20 statement a bit differently. We did…
Dollar Consoldiates After Big Week Dollar Consoldiates After Big Week Reviewed by Marc Chandler on February 22, 2013 Rating: 5
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Italian Elections: Uncertainty to Linger

February 21, 2013
Italy goes to the polls Sunday and Monday for national and regional elections. There is great uncertainty about the outcome and this seems to be a major factor behind the under-performance of Italian assets (short and long term debt and the equities) in recent weeks. However, as an event risk, uncertainty is likely to persist for a few weeks aft…
Italian Elections: Uncertainty to Linger Italian Elections: Uncertainty to Linger Reviewed by Marc Chandler on February 21, 2013 Rating: 5
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A Few Thoughts about LTRO II Prepayment

February 21, 2013
Two big events tomorrow.  One is the EC updated forecasts.  This may have policy implications.  However the second event may be more important for prices immediately. 
Tomorrow is the first opportunity for European banks to declare how much of LTRO 2 they want to pay back early.  Based on the same percentage that LTRO was repaid, it would suggest …
A Few Thoughts about LTRO II Prepayment A Few Thoughts about LTRO II Prepayment Reviewed by Marc Chandler on February 21, 2013 Rating: 5
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FX Spin

February 21, 2013
The US dollar's gains have been extended against most currencies today, with the Japanese yen as a notable exception. Global equities have followed the slide in North America yesterday.  Bonds, even in the periphery of Europe, are mostly firmer, with the exception of Italy, where there is a certain amount of anxiety ahead the weekend election.…
FX Spin FX Spin Reviewed by Marc Chandler on February 21, 2013 Rating: 5
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Dollar Extends Gains on FOMC Decision, but Key is BYD

February 20, 2013
The dollar has been generally firm all day and the FOMC minutes have been seized as a handy reason to extend those gains. The equity market has come off as have US Treasuries. The minutes of the Jan FOMC meeting showed the wide range of opinions at the Fed regarding the pace of long-term asset purchases.
The broad range of opinions may make …
Dollar Extends Gains on FOMC Decision, but Key is BYD Dollar Extends Gains on FOMC Decision, but Key is BYD Reviewed by Marc Chandler on February 20, 2013 Rating: 5
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Great Graphic: Key Euro Trend Lines

February 20, 2013
This Great Graphic was created on Bloomberg.   It shows uptrend (white) the euro has held since ECB President Draghi committed to do whatever it takes to facilitate the survival of EMU.  
It shows a slightly steeper uptrend since mid-November (green) as the passive tightening in the euro area became increasing evident, especially in contrast to th…
Great Graphic: Key Euro Trend Lines Great Graphic: Key Euro Trend Lines Reviewed by Marc Chandler on February 20, 2013 Rating: 5
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Sterling Pounded on Dovish MPC

February 20, 2013
Sterling is has eclipsed the yen as the main focus in the foreign exchange market. The surprising news that has kicked it to fresh multi-month low was that the BOE is closer to easing policy than has been suspected. While it was a unanimous decision to leave rates on hold as expected, it was a tighter 6-3 vote on new asset purchases. The market…
Sterling Pounded on Dovish MPC Sterling Pounded on Dovish MPC Reviewed by Marc Chandler on February 20, 2013 Rating: 5
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Great Graphic: From Where will the Next Pope Come?

February 20, 2013
This Great Graphic is from the Pew Research Center. It shows the global distribution of people of the Catholic faith.
Over the past century there has been a large shift away from Europe and toward Latin America, and Sub-Saharan Africa. 
Ultimately, as in any organization, the country-origin of the next leader of the Catholic Church may matter le…
Great Graphic: From Where will the Next Pope Come? Great Graphic: From Where will the Next Pope Come? Reviewed by Marc Chandler on February 20, 2013 Rating: 5
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European Auto Sales Plummet

February 19, 2013
Most observers have focused on the stronger than expected German ZEW survey that showed expectations jumping to its best level since mid-2010. Yet what has been largely overlooked is a collapse of auto sales throughout Europe.   Sales in January fell 8.7% from a year ago to levels not seen since at least 1990.  
The only large country spared with…
European Auto Sales Plummet European Auto Sales Plummet Reviewed by Marc Chandler on February 19, 2013 Rating: 5
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The Dollar's Five Keys in the Week Ahead

February 19, 2013
With the end of Asia's lunar new year celebration and the return of the US and Canadian markets after yesterday's holiday, there is full liquidity in the global capital markets for the first time in over a week.  The currencies are mixed, with the yen, sterling and the Australian dollar posting modest gains, while the euro, Swiss franc an…
The Dollar's Five Keys in the Week Ahead The Dollar's Five Keys in the Week Ahead Reviewed by Marc Chandler on February 19, 2013 Rating: 5
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Great Graphic: A Notable Decoupling

February 18, 2013
This Great Graphic was created on Bloomberg. The bar chart is sterling's performance against the dollar over the past six months. The line is the euro.  
One can readily see how well they tracked one another until mid-January.  The euro has traded sideways to higher, while sterling has been, well, pounded.
There are several factors that ma…
Great Graphic: A Notable Decoupling Great Graphic: A Notable Decoupling Reviewed by Marc Chandler on February 18, 2013 Rating: 5
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Overview of the Capital Markets on Monday

February 18, 2013
There were a few developments in the capital markets on Monday, when the US and Canada were on holiday, that are noteworthy.  Asia initially reacted to the G20 statement by extending the yen's pre-weekend weakness. 
Recall before the weekend, a draft of the G20 statement was leaked and the dollar rose from about JPY92.25 to JPY93.85.  For its…
Overview of the Capital Markets on Monday Overview of the Capital Markets on Monday Reviewed by Marc Chandler on February 18, 2013 Rating: 5
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The Importance of the G20: Not What You Think

February 17, 2013
There was something important coming from the G20 meeting, but it is not the currency wars that have captured so many imaginations in the media and blogosphere. It was about corporate taxes, but before turning to it, let's try to put the currency statement in perspective.

As many recognize, the currency market is prone to being used to purs…
The Importance of the G20: Not What You Think The Importance of the G20: Not What You Think Reviewed by Marc Chandler on February 17, 2013 Rating: 5
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Cool Video: Monty Hall Problem Explained in Less than 3 Minutes

February 16, 2013
This cool video from ASAP Science. It explains the classic Monty Hall problem, a counter-intuitive look at the probability as a deceivingly straight forward problem. It also has something to do with successful trading. Successful trading is not about correctly predicting the future, it is about assessing probabilities and risk management.  En…
Cool Video: Monty Hall Problem Explained in Less than 3 Minutes Cool Video: Monty Hall Problem Explained in Less than 3 Minutes Reviewed by Marc Chandler on February 16, 2013 Rating: 5
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Currency Positioning and Technical Outlook: High Noise to Signal Ratio

February 16, 2013
The official talk around the G7 statement and the G20 meeting generated a great deal of needless noise in the foreign exchange room. It is almost like a librarian yelling "Quiet".   It may be more disruptive than the initial noise.

With the meetings out of the way, we expect the official jawboning about the currency market to die down. …
Currency Positioning and Technical Outlook: High Noise to Signal Ratio Currency Positioning and Technical Outlook: High Noise to Signal Ratio Reviewed by Marc Chandler on February 16, 2013 Rating: 5
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The Coming Push: France

February 15, 2013
Many investors understandably have not focused on France. The threat of scandal in Spain, the need for yet another round of government support for Italy's third largest bank and the country's upcoming election have commanded attention. What seems to have been a free ride for France may be coming to an end.
Even though the German econom…
The Coming Push: France The Coming Push: France Reviewed by Marc Chandler on February 15, 2013 Rating: 5
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Apocalyptic Week Winds Down

February 15, 2013
The resignation of the Pope was followed by a lightning strike on the Vatican. A meteor storm has killed more than 150 people in Russia. UK retail sales collapse in January, falling 0.6% increased of rising 0.5% as the consensus expected. Insult was added to injury as the November and December series were revised lower.
Sterling made a new low f…
Apocalyptic Week Winds Down Apocalyptic Week Winds Down Reviewed by Marc Chandler on February 15, 2013 Rating: 5
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Financial Transaction Tax: Sand in the Wheels?

February 14, 2013
The European Commission formally endorsed the financial transaction tax agreed to by eleven of the 27 members.  The tax will be set at 0.1% for stocks and bonds and 0.01% for derivatives.  The tax will go into effect at the start of 2014, by which time the participating countries will give it formal approval. 
There seems to be two purposes of th…
Financial Transaction Tax: Sand in the Wheels? Financial Transaction Tax: Sand in the Wheels? Reviewed by Marc Chandler on February 14, 2013 Rating: 5
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Poor GDP Sinks Euro

February 14, 2013
After trending gently higher for the first half of the week, the euro has been sold to new three week lows in response to the disappointing Q4 GDP figures. The GDP figures are of course backward looking and more recent data, such as the PMI figures and German factory orders suggest the regional economy is stabilizing here in early Q1.
There is a m…
Poor GDP Sinks Euro Poor GDP Sinks Euro Reviewed by Marc Chandler on February 14, 2013 Rating: 5
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Cool Video: Your Brain in Love

February 14, 2013
This Cool Video is from ASAP Science. It shows the material basis of love and how the chemical changes associated with love is similar to the chemical changes associated with some drugs.

Cool Video: Your Brain in Love Cool Video: Your Brain in Love Reviewed by Marc Chandler on February 14, 2013 Rating: 5
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Great Graphic: China's Debt Estimates Vary

February 13, 2013
This Great Graphic comes from the Wall Street Journal's News Graphics.  It shows a broad range of estimates for Chinese debt.  The bank and economic research firm's estimates include local government debt and apparently the IMF's estimate does not.  
However, that would suggest that local government debt is almost twice as large as th…
Great Graphic: China's Debt Estimates Vary Great Graphic: China's Debt Estimates Vary Reviewed by Marc Chandler on February 13, 2013 Rating: 5
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Thoughts on the Great Rotation

February 13, 2013
Reports indicating that Americans have invested more in equity funds here in 2013 than they did all last year have given rise to talk of the "Great Rotation".  The idea is that Americans are selling fixed income investments bought during the financial crisis and now buying shares.  
We are less sanguine.  There is a third asset class th…
Thoughts on the Great Rotation Thoughts on the Great Rotation Reviewed by Marc Chandler on February 13, 2013 Rating: 5
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Choppy FX Conditions in the Fog of War

February 13, 2013
The price action in the foreign exchange market is choppy  as short-term participants seem nervous after being whipsawed yesterday.  Sterling fell nearly a cent to new multi-month lows following the BOE's inflation report that confirmed official expectations that price pressures will remain above target and King welcomed the recent depreciati…
Choppy FX Conditions in the Fog of War Choppy FX Conditions in the Fog of War Reviewed by Marc Chandler on February 13, 2013 Rating: 5
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Kuroda Campaigns for BOJ Post

February 12, 2013
The BOJ meets on Wednesday and Thursday this week.  After choosing not to expand this year's asset purchase plan when it met in January, it is unlikely to reverse itself now.  In addition, recent data suggests that the Japanese economy has begun a recovery, whose strength is yet to be determined.  Japan reports Q4 GDP during the BOJ meeting a…
Kuroda Campaigns for BOJ Post Kuroda Campaigns for BOJ Post Reviewed by Marc Chandler on February 12, 2013 Rating: 5
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Great Graphic: Euro near Long-Term Average

February 12, 2013
This Great Graphic, created on Bloomberg, is a long term chart of the euro.  Each bar represents a month and the purple line is a 120 month (ten-year) moving average.  It comes in now just below $1.32. 
Purchasing power parity is understood by economists as the level currencies gravitate around in the long-run.  A long-run moving average is by d…
Great Graphic: Euro near Long-Term Average Great Graphic: Euro near Long-Term Average Reviewed by Marc Chandler on February 12, 2013 Rating: 5
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G7 Calms Currency War Fears

February 12, 2013
With currency war talk distracting investors and policy makers from the more serious and significant issues, the G7 issued a statement today reiterating its "longstanding commitment" to market determined foreign exchange rates.  
Fiscal and monetary policy is directed to domestic policy objectives and not a foreign exchange target.  At …
G7 Calms Currency War Fears G7 Calms Currency War Fears Reviewed by Marc Chandler on February 12, 2013 Rating: 5
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Great Graphic: US Profit Margin Expectations

February 11, 2013
This Great Graphic was posted on Business Insider by Sam Ro.   In appears to originally come from Goldman Sachs.   It captures expectations for US corporate profit-margins. 
The chart contrasts the bottom up consensus with Goldman's top down forecasts.   The former calls for a 9.3% increase in net margins,while the latter (Goldman) says 8.7%…
Great Graphic: US Profit Margin Expectations Great Graphic: US Profit Margin Expectations Reviewed by Marc Chandler on February 11, 2013 Rating: 5
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Euro Area Financial Conditions Continue to Improve, but...

February 11, 2013
The ECB reports that in the week to Feb 1, its balance sheet fell by 160 bln euros top 2.77 trillion.  This is the largest decline since Jan 2009 and largely reflects the early repayment of the first LTRO.  It is the smallest the ECB balance sheet has been since just before the second LTRO a year ago.     
In addition, new bank borrowing from the …
Euro Area Financial Conditions Continue to Improve, but... Euro Area Financial Conditions Continue to Improve, but... Reviewed by Marc Chandler on February 11, 2013 Rating: 5
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Searching for the Signal in FX

February 11, 2013
Many of the major Asian markets are closed for the Lunar New Year.  This week's G7/G20 meetings are drawing attention amid reports that officials may release a statement to address the fears of a currency war.  Even a formal statement is not forthcoming, we expect 1) such statements to come from the G7 rather than the G20 and 2) for the usual…
Searching for the Signal in FX Searching for the Signal in FX Reviewed by Marc Chandler on February 11, 2013 Rating: 5
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Great Graphic: High Costs of Consumption in China

February 09, 2013
The low cost of living in China is often confused with a low price for consumer goods. This Great Graphic from Economy Watch, shows that many consumer goods, particularly international brands, are more expensive in China.   Economy Watch drew from data on three different web sites:  e.weibo.com, East-West-Connect.com and sohu.com.  
To understand …
Great Graphic: High Costs of Consumption in China Great Graphic: High Costs of Consumption in China Reviewed by Marc Chandler on February 09, 2013 Rating: 5
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Currency Positioning and Technical Outlook: Correction or Reversal?

February 09, 2013
Last week the euro was the weakest of the major currencies and the recently beaten up sterling and yen were the strongest.   A similar pattern was also evident in the dollar-bloc.  The New Zealand dollar had been the strongest and last week had was the weakest, with the Canadian dollar faring somewhat better.  The Australian dollar has been trend…
Currency Positioning and Technical Outlook: Correction or Reversal? Currency Positioning and Technical Outlook: Correction or Reversal? Reviewed by Marc Chandler on February 09, 2013 Rating: 5
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Draghi Strikes Again: Talk, but No Change

February 07, 2013
The euro fell to below our $1.34 corrective target in response to ECB President Draghi's comments.  However, bids near $1.3375 appears to have stemmed to rout, at least for the moment.  It is not clear yet, if the low is in place for the day.  However, we continue to believe this decline is corrective in nature and anticipate the resumption o…
Draghi Strikes Again: Talk, but No Change Draghi Strikes Again: Talk, but No Change Reviewed by Marc Chandler on February 07, 2013 Rating: 5
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Great Graphic: Income, Wages and Productivity

February 06, 2013
This Great Graphic captures a key economic fact that shapes the political discourse.  Nearly every issue is informed by it.
It was created by a couple progressive think tanks and kudos to Michael Scherer from Swampville a Time blog for popularizing it. 
The social, political and economic implications of this chart are critical.
Yet, I suggest th…
Great Graphic: Income, Wages and Productivity Great Graphic: Income, Wages and Productivity Reviewed by Marc Chandler on February 06, 2013 Rating: 5
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Great Graphic: Big Macs in the Euro Area

February 06, 2013
This Great Graphic was on the Bruegel blog.  It re-organizes he Economist's Big Mac Index to look at the euro area. 

Recall that what the Economist did was take the concept of purchasing power parity and make it, well, palatable.  The concept is that a basket of tradable should sell for the same price in different countries.  To the extent the…
Great Graphic: Big Macs in the Euro Area Great Graphic: Big Macs in the Euro Area Reviewed by Marc Chandler on February 06, 2013 Rating: 5
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Nervous Market: Key Developments

February 06, 2013
The market isbecoming a little skittish ahead of tomorrow’s ECB. Although the euro’s recovery off the $1.3460 low yesterday was impressive, follow through buying has not materialized.The spread between US and German short-term rates, that is doing a good job of tracking the euro-dollar exchange rate, has stabilized and correcting the sharp move a…
Nervous Market: Key Developments Nervous Market: Key Developments Reviewed by Marc Chandler on February 06, 2013 Rating: 5
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