Author : Marc Chandler

The US dollar is firmer but largely confined to the ranges seen before the weekend against most of the major currencies.  The yen is also firmer as dollar sellers...

Fixed exchange rates limit the degrees of freedom for policymakers.  The breakdown of Bretton Woods in 1971 removed this constraint on official action, and the results were larger budget...

The Commitment of Traders reporting period ending March 8 showed little position adjusting ahead of the ECB meeting two days later.  A little more than 3/4 of the gross...

The reversal of the US dollar's gains half way through Draghi's press conference has undermined the near-term technical tone.  The risk is on the downside, at least in the...

The Canadian dollar's advance continues.  Neither the widening of interest rate differentials in the US favor nor a poor employment report has managed to buckle the Loonie. Oil and...

The market reaction to Draghi's indication, once again, that interest rate policy has run its course, will be debated for some time.  Draghi delivered the goods that many investors...

The euro is paring the recovery that began in the middle of the ECB's press conference yesterday. The market reaction was one intuitively expected to broad easing of interest...

Draghi delivered.  He managed to get approval for everything.  Rate cuts, acceleration of purchases, including corporate bonds to the purchase program and new long-term repos were announced.   The knee-jerk...

Fasten your seat belts.  The ride is going to get bumpy.   Economists may differ on what the ECB will do.   Investors may differ on the market response.  This uncertainty...

German Chancellor Merkel was right. As the Greek crisis was winding down last summer, she noted that the refugee problem would be even more difficult.  In addition, indeed, it...