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Breakouts Need Confirmation

May 31, 2020
The dollar had a difficult week, falling against all the major currencies but the Japanese yen and appeared to break out of its recent trading ranges against the euro, Canadian and Australian dollars. Only a handful of emerging market currencies fell against the dollar.  Among these were the Chinese yuan, which, when everything was said and done, …
Breakouts Need Confirmation Breakouts Need Confirmation Reviewed by Marc Chandler on May 31, 2020 Rating: 5
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June Starts with a Bang

May 30, 2020
Ironically, the pandemic and progress toward a vaccine will play second fiddle to more mundane concerns in the week ahead.  Still, investors have shown that the most strained relationship between the US and China in 30 years (Tiananmen Square) is insufficient in the first instance to derail the recovery equity markets.  Major benchmarks in the US,…
June Starts with a Bang June Starts with a Bang Reviewed by Marc Chandler on May 30, 2020 Rating: 5
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Month-End Profit-Taking Weighs on Equities as the Euro Pops Above $1.11

May 29, 2020
Overview:  The announcement that President Trump will hold a press conference on China later today rattled investors yesterday after they had earlier shrugged off the escalation of tension between the US and China to take the S&P 500 up to its highest level in nearly three months.  The S&P 500 reversed and settled on its lows, and this car…
Month-End Profit-Taking Weighs on Equities as the Euro Pops Above $1.11 Month-End Profit-Taking Weighs on Equities as the Euro Pops Above $1.11 Reviewed by Marc Chandler on May 29, 2020 Rating: 5
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Escalating Tensions, Calm Markets

May 28, 2020
Overview: The US Secretary of State's announcement that the autonomy of Hong Kong could no longer be affirmed did not derail the rally in US equities. However, the threat of an executive order against social media companies may be discouraging follow-through buying, leaving US equities little changed ahead of the open. In contrast, Asia Pacifi…
Escalating Tensions, Calm Markets Escalating Tensions, Calm Markets Reviewed by Marc Chandler on May 28, 2020 Rating: 5
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China and Hong Kong Pressures are Having Limited Knock-on Effects

May 27, 2020
Overview: The S&P 500 gapped higher yesterday, above the recent ceiling and above the 200-day moving average for the first time since early March. The momentum faltered, and it finished below the opening level and near session lows. The spill-over into today's activity has been minor. The heightened tensions weighed on China and Hong Kong …
China and Hong Kong Pressures are Having Limited Knock-on Effects China and Hong Kong Pressures are Having Limited Knock-on Effects Reviewed by Marc Chandler on May 27, 2020 Rating: 5
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Fear is Still on Holiday

May 26, 2020
Overview: The heightened tensions between the US and China sapped risk-appetites before the weekend, but appear to be missing in action today.  Equity markets have rebounded strongly. Nearly all the equity markets in the Asia Pacific region rose (India was a laggard) led by an almost 3% rally in Australia, which was seen as particularly vulnerable…
Fear is Still on Holiday Fear is Still on Holiday Reviewed by Marc Chandler on May 26, 2020 Rating: 5
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Five Things To Know on Monday

May 25, 2020
The US and UK markets were closed on Monday.  Together they accounted for almost two-thirds of the turnover in the foreign exchange market.  The dollar was narrowly mixed against the majors.  The dollar bloc and sterling ticked a little higher, and the euro and yen were a touch heavier.  The illiquidity seemed to weigh on Norway the most as the kr…
Five Things To Know on Monday Five Things To Know on Monday Reviewed by Marc Chandler on May 25, 2020 Rating: 5
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Breakouts Mostly Averted, so Far

May 24, 2020
The dollar, the Treasury market, and the S&P 500 were threatening to break out of the trading ranges. But the escalation of tensions between the US and the PRC gave reason for investors to pause ahead of the long holiday weekend in the US and UK, especially in the context of the National People's Congress session in China and unpredictable…
Breakouts Mostly Averted, so Far Breakouts Mostly Averted, so Far Reviewed by Marc Chandler on May 24, 2020 Rating: 5
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The Week Ahead

May 23, 2020
The new week starts slowly with the US and UK markets closed on Monday, May 25. Even then, the economic calendar is light. With shutdowns easing in May, April data is too dated to be of much interest to investors. The preliminary May PMIs last week offered a hint that the low point for many high-income countries could be passed.
The US will report …
The Week Ahead The Week Ahead Reviewed by Marc Chandler on May 23, 2020 Rating: 5
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