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Dollar Pares more Gains as EMU GDP Surprise

April 30, 2019
Overview: The S&P 500 set a new record high and close yesterday, but the lift to global markets was not strong enough to overcome the disappointing Chinese PMI.  Although Chinese equities traded higher on ideas that the news will spur additional stimulative measures, other Asian markets were mixed.  Samsung's profit miss weighed on Korean …
Dollar Pares more Gains as EMU GDP Surprise Dollar Pares more Gains as EMU GDP Surprise Reviewed by Marc Chandler on April 30, 2019 Rating: 5
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Cool Video: Q1 US GDP Optics may Mark Near-Term Peak in Divergence Theme

April 29, 2019
I joined Tom Keene and Francine Lacqua to talk about US GDP with David Riley from BlueBay Asset Management.  Here is a link to a 2.5-minute clip.
The initial estimate of Q1 US growth was well more than nearly anyone expected.  The details were underwhelming as the consumption was halved and the GDP deflator was halved. Final private domestic sales,…
Cool Video: Q1 US GDP Optics may Mark Near-Term Peak in Divergence Theme Cool Video: Q1 US GDP Optics may Mark Near-Term Peak in Divergence Theme Reviewed by Marc Chandler on April 29, 2019 Rating: 5
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The Busy Week Begins Slowly

April 29, 2019
Overview: It promises to be an eventful week with the FOMC and BOE meeting, US jobs report and EMU April CPI and Q1 GDP on tap.  However, the week is marked by the May Day holiday in the middle of the week.  Japan's markets are closed all week, while China's markets are closed from mid-week on for an extended holiday.  The week has begun o…
The Busy Week Begins Slowly The Busy Week Begins Slowly Reviewed by Marc Chandler on April 29, 2019 Rating: 5
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The Breakout must be Tested to be Real

April 28, 2019
By all reckoning, the US dollar had a good week.  It rose against nearly all the major currencies, and against many broke out of recent ranges.  Ironically, the dollar gains more mostly scored before the surprisingly strong Q1 GDP print of 3.2%.  In fact, all the major currencies but the Norwegian krone recouped some of their recent losses ahead o…
The Breakout must be Tested to be Real The Breakout must be Tested to be Real Reviewed by Marc Chandler on April 28, 2019 Rating: 5
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Who's the Driest Towel Now?

April 27, 2019
Imagine that when the year began, the US economy was hit with a sharp tightening in financial conditions and a sharp drop in the stock market.  The government was in a partial shutdown, and the winter was bitter.  It looked to many, including ourselves that the economy was stagnating.  Indeed it was, but the high-frequency data, on balance showed …
Who's the Driest Towel Now? Who's the Driest Towel Now? Reviewed by Marc Chandler on April 27, 2019 Rating: 5
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Greenback Consolidates Ahead of Q1 GDP

April 26, 2019
Overview:  The equities are finishing softly after the rally stalled in the middle of the week.  The large markets in Asia fell, led by China, and the MSCI Asia Pacific Index fell for a third session, the longest losing streak in two months.  Europe's Dow Jones Stoxx 600 ended an eight-day advance with a two-day loss coming into today where it…
Greenback Consolidates Ahead of Q1 GDP Greenback Consolidates Ahead of Q1 GDP Reviewed by Marc Chandler on April 26, 2019 Rating: 5
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Equities Waiver, the Dollar Does Not

April 25, 2019
Overview:  After closing at record highs on Tuesday, the S&P 500 slipped yesterday, and the Dow Jones Stoxx 600 snapped an eight-session advance.  Asia followed suit, with the Shanghai Composite posting its biggest loss (~2.4%) in over a month.  It is off about 4.6% this week, which if sustained tomorrow, would be the largest loss in six month…
Equities Waiver, the Dollar Does Not Equities Waiver, the Dollar Does Not Reviewed by Marc Chandler on April 25, 2019 Rating: 5
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Dollar Bloc in Focus, while Germany's IFO Disappoints

April 24, 2019
Overview:  The record high close for the S&P 500 failed to lift global equities. Far East trading was mixed.  The Nikkei opened strong and closed weaker, while the Shanghai Composite began softer and closed firmly.  Australian shares and bonds rallied on the back of mild inflation, while the Australian dollar tumbled.  Oil in easing for the fi…
Dollar Bloc in Focus, while Germany's IFO Disappoints Dollar Bloc in Focus, while Germany's IFO Disappoints Reviewed by Marc Chandler on April 24, 2019 Rating: 5
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Modest Thoughts on Central Bank Independence

April 23, 2019
Indications that the Trump Administration is considering nominating Moore and Cain to the Board of Governors of the Federal Reserve has stirred up an international controversy over the independence of central banks. Cain withdrew his name from consideration yesterday, though the mere floating of his name had generated much consternation.  Although…
Modest Thoughts on Central Bank Independence Modest Thoughts on Central Bank Independence Reviewed by Marc Chandler on April 23, 2019 Rating: 5
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