You have to wonder why some companies didn't hedge, because there was plenty of time along the way when they could have.
More Quotes from Marc Chandler:
The Federal Reserve purposely seeks not to surprise the market. And it delivered no surprise today, keeping rates steady. The statement following the meeting confirmed what the market has suspected, namely that demand is moderating bringing it closer to the economy's growth potential.Marc Chandler
The market is having second thoughts about the need for further Federal Reserve rate hikes following Friday's weak employment report.
Marc Chandler
On the one hand, being labeled a foreign exchange manipulator is a toothless policy because it simply requires bilateral talks. Big deal. On the other hand, by citing them the administration demonstrates to an uppity Congress that it is on the case and steals their thunder.
Marc Chandler
Through this tightening cycle the market has looked at every opportunity to say the Fed is done. The Fed is not done until the market gets ahead of the Fed and it is not there yet.
Marc Chandler
It does appear that they used the trip to provide cover for delaying a full vote on their bill which would impose a 27.5 tax on all imports from China if it did not allow the yuan to appreciate significantly with six months of passage of the bill.
Marc Chandler
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