The currency markets are particularly sensitive to this kind of news. Partly because when you buy a stock or buy a bond, you are buying a claim on a future earnings stream, some kind of money's coming to you in the future. When you buy a currency, you're buying confidence in a government.
More Quotes from Marc Chandler:
Brazil is caught in a combination of its own policy mistakes and powerful market forces.Marc Chandler
We still don't know how many more rate hikes there are in the cycle and the minutes don't really shed light on that. But rate hike increases are probably not large.
Marc Chandler
There's no evidence that foreigners are tiring of US assets. The US trade deficit is more than being financed by foreign investment. This continues to underpin the dollar.
Marc Chandler
I'd say hedging has nothing to do with what we've seen in the trade data.
Marc Chandler
The data is stronger-than-expected ... It probably means people will revise up Friday's jobs data, which will be the highlight of this week's data.
Marc Chandler
On the fringes of the market, there is beginning to be some talk of the possibility that the Bank of Japan intervenes to sell U. S. dollars. While possible, the probability seems low at the present.
Marc Chandler
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