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January 2023

December 29, 2022
The US dollar's bull market appears to have come to a climactic end late in Q3 22 and early Q4. In the last three months of 2022, the G10 currencies, except the Canadian dollar, rose by more than 5% against the greenback. In addition, six of the G10 currencies appreciated more than 7.5%. Such significant moves are often followed by consolidati…
January 2023 January 2023 Reviewed by Marc Chandler on December 29, 2022 Rating: 5
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Japan Surprises

December 20, 2022
The Bank of Japan surprised everyone may lifting the 10-year yield curve cap to 0.50% from 0.25%.The BOJ also said it would increase its bond purchases to JPY9 trillion (~$68 bln) a month compared to the current JPY7.3 trillion.  BOJ Kuroda, whose term ends next April, insisted that the easy monetary policy stance will continue. The surprise decis…
Japan Surprises Japan Surprises Reviewed by Marc Chandler on December 20, 2022 Rating: 5
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Happy Holidays

December 16, 2022
There will be no daily commentary over the next couple of weeks.  The next post will be the January monthly outlook on December 29.  Here is to a happy and healthy New Year.  Good luck to us all.  

Happy Holidays Happy Holidays Reviewed by Marc Chandler on December 16, 2022 Rating: 5
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European Rates Continue to Surge, Sending Stocks Spiraling Lower

December 16, 2022
Overview: Seven of the G10 central banks pumped the brakes between last week and this week as they purposely seek to push demand back into line with supply. And there are more signs that they are succeeding in weakening growth impulses. The dramatic surge in European bond yields continues today with 10-year rates mostly rising another 13-15 bp. It…
European Rates Continue to Surge, Sending Stocks Spiraling Lower European Rates Continue to Surge, Sending Stocks Spiraling Lower Reviewed by Marc Chandler on December 16, 2022 Rating: 5
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The Greenback Recovers After the Initial Post-Fed Wobble

December 15, 2022
Overview: The US dollar has come back bid after losing ground against most currencies as the markets reacted to the FOMC decision and press conference. The Antipodeans and Scandis have been tagged the hardest, illustrating the risk-off mood, and arguably the weakening growth prospects. Countries that peg their currencies to the dollar have hiked r…
The Greenback Recovers After the Initial Post-Fed Wobble The Greenback Recovers After the Initial Post-Fed Wobble Reviewed by Marc Chandler on December 15, 2022 Rating: 5
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What Can the Fed tell the Market it Does Not Already Know?

December 14, 2022
Overview: The softer than expected US CPI drove the dollar and interest rates lower, while igniting strong advances in equities, risk assets, commodities, and gold. Calmer market conditions are prevailing today, and we suspect that in the run-up to the FOMC meeting, a broadly consolidative tone will emerge. The dollar is mostly softer, but within …
What Can the Fed tell the Market it Does Not Already Know? What Can the Fed tell the Market it Does Not Already Know? Reviewed by Marc Chandler on December 14, 2022 Rating: 5
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US CPI ahead of FOMC Outcome Tomorrow

December 13, 2022
Overview: The dollar softer against the G10 currencies ahead of today’s CPI report and the FOMC meeting the concludes tomorrow. Emerging market currencies are most mixed. The Hungarian forint leads the complex with around a 1% gain on news of a preliminary deal struck with the EU. The South African rand is the worst performer, off around 0.8%, as …
US CPI ahead of FOMC Outcome Tomorrow US CPI ahead of FOMC Outcome Tomorrow Reviewed by Marc Chandler on December 13, 2022 Rating: 5
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Markets Await Central Banks and Data

December 12, 2022
Overview: There are two themes today. First, there has been a modest bout of profit-taking on Chinese stocks (and yuan) after last week’s surge. Second, the ahead of the five G10 central bank meeting this week a series of market-sensitive economic reports, a consolidative tone is seen in most of the capital markets. Most of the large bourses in th…
Markets Await Central Banks and Data Markets Await Central Banks and Data Reviewed by Marc Chandler on December 12, 2022 Rating: 5
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