Edit

China Disappoints and the Eurozone's Contraction in Q1 may be the Nadir

April 30, 2021
Overview: The record high S&P 500 close failed to carry into the Asia Pacific region today.  A disappointing Chinese PMI and news that Beijing imposed wide-ranging restrictions on the financial divisions of 13 companies weighed on activity.  China's Tencent and Meituan were among the biggest losers, and Hong Kong's Hang Seng led the re…
China Disappoints and the Eurozone's Contraction in Q1 may be the Nadir China Disappoints and the Eurozone's Contraction in Q1 may be the Nadir Reviewed by Marc Chandler on April 30, 2021 Rating: 5
Edit

US GDP: The V

April 29, 2021
Overview:  The market's initial reaction to the Federal Reserve statement and the press conference was that it was dovish: the 10-year yield slipped, and the dollar was sold to new lows.  In fact, the two countries that appear to be ahead of the curve among high-income countries, Canada and Norway, saw their currencies rally to new three-year …
US GDP: The V US GDP: The V Reviewed by Marc Chandler on April 29, 2021 Rating: 5
Edit

Biden and Powell are Center Stage

April 28, 2021
Overview: It appears that the backing up of US yields is giving the dollar a better tone and challenging the Eurosystem, which has stepped up its bond purchases.  The US 10-year yield is around 1.65%, roughly a two-week high and back above the 20-day moving average.  European yields are mostly 2-4 bp higher, but benchmark UK yield is up six basis …
Biden and Powell are Center Stage Biden and Powell are Center Stage Reviewed by Marc Chandler on April 28, 2021 Rating: 5
Edit

Markets Mark Time Ahead of Fed

April 27, 2021
Overview: Short-covering ahead of the FOMC's outcome tomorrow appears to be lending the US dollar support today.  It has extended yesterday's gains against the euro, sterling, and yen.  Among emerging market currencies, the Turkish lira, along with the South Korean won and Taiwanese dollar, lead the few advancers. In contrast, the South Af…
Markets Mark Time Ahead of Fed Markets Mark Time Ahead of Fed Reviewed by Marc Chandler on April 27, 2021 Rating: 5
Edit

Big Week Begins Quietly, with the Greenback Still Under Pressure

April 26, 2021
Overview: What promises to be a notable week has begun off quietly: the US, EMU, and South Korea report Q1 GDP.   The eurozone also provides its first estimate of April inflation.  Corporate earnings feature tech and financial firms.  Equities are mostly firmer in the Asia Pacific region and Europe.  Hong Kong, China, and Australia were exceptions…
Big Week Begins Quietly, with the Greenback Still Under Pressure Big Week Begins Quietly, with the Greenback Still Under Pressure Reviewed by Marc Chandler on April 26, 2021 Rating: 5
Edit

The Dollar is Heavy ahead of What is Expected to be a Dovish Fed

April 25, 2021
The US dollar had another rough week, and the poor close ahead of the weekend warns that the downside may not be exhausted.  Despite unmistakable signs that the US economy is accelerating, and by more than expected, the US 10-year yield is around 25 bp off the end of March high.  This seems to dampen the enthusiasm for holding the greenback.  The …
The Dollar is Heavy ahead of What is Expected to be a Dovish Fed The Dollar is Heavy ahead of What is Expected to be a Dovish Fed Reviewed by Marc Chandler on April 25, 2021 Rating: 5
Edit

Next Week's Alphabet Soup: FOMC, BOJ, GDP, CPI

April 24, 2021
The week ahead is important from a macro perspective.  The Bank of Japan and the Federal Reserve meet.  The US and the eurozone provide the first estimates of Q1 21 GDP, and the preliminary April EMU CPI will be reported.  The data will be interesting even if not market moving.  The divergence meme that helped the US dollar trade broadly higher in…
Next Week's Alphabet Soup: FOMC, BOJ, GDP, CPI Next Week's Alphabet Soup: FOMC, BOJ, GDP, CPI Reviewed by Marc Chandler on April 24, 2021 Rating: 5
Edit

Greenback Slips into the Weekend

April 23, 2021
Overview:  Many narratives link the prospect of higher capital gains tax on about a third of 1% of Americans as the catalyst for losses in US equities yesterday (and Bitcoin) and weakness in some global shares today.  Of the large markets in the Asia Pacific region, only Japan, which is reimposing a formal emergency in Tokyo, Osaka, and two other …
Greenback Slips into the Weekend Greenback Slips into the Weekend Reviewed by Marc Chandler on April 23, 2021 Rating: 5
Subscribe to: Posts ( Atom )
Powered by Blogger.