Marc to Market

Greenback Ending Miserable Month with a Spark of Resilience

Marc Chandler July 31, 2020

Overview: Better than expected reports from Apple, Facebook, Amazon, and Alphabet have failed to revive the dollar's fortunes, and the greenback was sold to a new low against the euro, yen, sterling, and Australian dollar before staging a bit of a recovery. The dollar is stretched, and if the improvement is sustained through North America tod…

Greenback Ending Miserable Month with a Spark of Resilience Reviewed by Marc Chandler on July 31, 2020 Rating: 5

Edit

Greenback's Bounce is Likely Short-Lived

Marc Chandler July 30, 2020
Overview: A wave of profit-taking is seen through most of the capital markets today, with the exception of the bond market, where yields continue to trend lower. The US 10-year is now yielding 55 bp, a new low since early March, and the five-year yield set a new record low near 23 bp. European yields are 2-4 bp lower. After pushing above key l…

Greenback's Bounce is Likely Short-Lived Reviewed by Marc Chandler on July 30, 2020 Rating: 5

Edit

Greenback Slips Ahead of the FOMC

Marc Chandler July 29, 2020
Overview: Global equity markets are stabilizing today, and the dollar is once again on its back foot. Chinese markets led a mixed regional performance with a 2%-3% gain, while South Korea and Hong Kong markets also advancing. The strength of the yen appears to weigh on Japanese shares. The Nikkei fell for the fourth consecutive session. Europ…

Greenback Slips Ahead of the FOMC Reviewed by Marc Chandler on July 29, 2020 Rating: 5

Edit

Dollar Bounces, Gold Slips, while Equities Hold Their Own

Marc Chandler July 28, 2020
Overview: The main development in the capital markets today is the firmer dollar against nearly all the major and emerging market currencies. Among the majors, the New Zealand dollar and Swedish krona are the heaviest (~-0.4%), while the Swiss franc and yen are marginally lower. In the emerging market space, the liquid and accessible currencies,…

Dollar Bounces, Gold Slips, while Equities Hold Their Own Reviewed by Marc Chandler on July 28, 2020 Rating: 5

Edit

Cool Video: TD Ameritrade--Overview of Currencies, Rates, and Gold

Marc Chandler July 27, 2020
I had the privilege of joining TD Ameritrade's Ben Lichtenstein, who I enjoy talking with. People who trade futures often look across the capital markets. By contrast, banks are so regimented and fragmented that often it seems that few follow developments in other markets that do not impact theirs in obvious or direct ways.
In this 9.5-min…

Cool Video: TD Ameritrade--Overview of Currencies, Rates, and Gold Reviewed by Marc Chandler on July 27, 2020 Rating: 5

Edit

Dollar Slide Continues, while Gold Soars

Marc Chandler July 27, 2020
Overview: The US dollar's dramatic sell-off continues. It is off against nearly all currencies. Among the majors, the Swedish krona and Japanese yen are leading the money, and the euro surged through $1.17. Emerging market currencies are fully participating, with the JP Morgan Emerging Market Currency Index posting its fifth gain in six sess…

Dollar Slide Continues, while Gold Soars Reviewed by Marc Chandler on July 27, 2020 Rating: 5

Edit

Dollar Momentum

Marc Chandler July 26, 2020
The US dollar fell against all the major currencies last week and reached the lowest level against the euro since October 2018. The five-week slump in the Dollar Index is the longest since late 2017/early 2018. Although we were early dollar bears, the downside momentum appears stronger than the momentum indicators suggested last week. Even shal…

Dollar Momentum Reviewed by Marc Chandler on July 26, 2020 Rating: 5

Edit

Macro as July Winds Down

Marc Chandler July 25, 2020
After a lull in important economic data and major central bank meetings, the calendar picks up next week. The highlights include the US and EMU's first estimate of Q2 GDP, the FOMC meeting, and China's July PMI.
Investors may be informed by these developments, but they are unlikely to change the investment climate, which is still anchored …

Macro as July Winds Down Reviewed by Marc Chandler on July 25, 2020 Rating: 5

Edit

Strong PMIs Have Limited Impact as Profit-Taking Hits Equities

Marc Chandler July 24, 2020
Overview: US stocks stumbled yesterday, and the S&P 500 nearly gave back the week's gains with its roughly 1.25% loss, the largest of the month. The NASDAQ 100 fell to two-week lows. Slower cloud growth at Microsoft and a delay in the next generation of chips at Intel were among the drags. Asia Pacific and European shares were pressed …

Strong PMIs Have Limited Impact as Profit-Taking Hits Equities Reviewed by Marc Chandler on July 24, 2020 Rating: 5