Marc To Market's blog

European officials are purposely talking the euro lower, but objected when Japan and China did.  See why curency manipulation is different than interest rate manipulation. 

Dispassionate discussion of the investment climate.  

A look at the technical condition of the foreign exchange market.

Dispassionate discussion of the near-term forces at work in the foreign exchange market.  

Here is the technical reasons why the euro, sterling and Swiss franc retreat is a likely a correction rather than a change of the underlying trend.  US 10-year yields near lows and a recovery could lift the greenback vs JPY.  

Of the economic reports and events in the week ahead, we identify four potential drivers and emphasize one--the ECB meeting.  

Some thoughts about the price action, or lack thereof, in the foreign exchange market.  

A dispassionate look at next week's events and data.  

It is not true that there has been a secret protocol, reintroducing fixed exchange rates, though the lackluster price action in the foreign exchange market and the continued erosion of volatility make it feel almost like it. 

Prak central bank balance sheets are still ahead.  Interest rate increases are still several quarters out.  Austerity has peaked.  The output gap has peaked.    What does this mean in the week ahead ?  

Outlook for the major currencies in the week ahead.

Yes, this is not meant to be ironic.  

A look at what German is doing and what it does not want to do. 

Dispassionate discussion of the macro-political economic climate.  

This is the key issue for market participants:  Is the dollar breaking lower or is it just testing the lower end of its range ?  Here is my take.