Category Archives: Currency

THICK AS A BRIC – U.S. Stocks Outperform Star E.M.s

Posted on December 24, 2010 by macromon

To the surprise of many, the U.S. stock indices are set to outperform those of the beloved BRICs in 2010.   As of December 23rd, China and Brazil are down for the year with the Russian RTS the top performer, up … Continue reading →

Posted in BRICs, Charts, China, Currency, Equities, Uncategorized | Tagged , , , , | Leave a comment

Chart of the Day: ECB Bond Purchases

Posted on December 6, 2010 by macromon

They’ve only just begun…

Posted in Black Swan Watch, Bonds, Budget Deficit, Charts, Credit, Currency, Economics, Euro, Fiscal Policy, Monetary Policy, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , , | Leave a comment

Curse of a Strong Currency: Australia’s Growth Stalls

Posted on December 1, 2010 by macromon

In a world of competitive devaluations, Australia is now the poster child of why countries are fighting to keep their currencies cheap.  The government announced Q3 GDP grew just 0.2 percent, bringing down the annual growth rate from 3.3 percent … Continue reading →

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ECB About to PIIG Out on Bonds. Gold to the Moon.

Posted on November 30, 2010 by macromon

Just a few short weeks after German Finance Minister Wolfgang Schaeuble criticized U.S. monetary policy with his “with all due respect, U.S. policy is clueless” statement, the FT reports the ECB is contemplating expanding its sovereign bond purchase program.  That … Continue reading →

Posted in Black Swan Watch, Bonds, Currency, Euro, Fiscal Policy, Gold, PIIGS, Policy, Politics, Sovereign Debt, Sovereign Risk | Tagged , , , , | Leave a comment

Where is Gold Headed?

Posted on November 30, 2010 by macromon

In 1996, we visited the Bulgarian central bank at a time when the country was experiencing economic turmoil and a loss of confidence that the government could rollover its maturing debt.  After a long discussion on the domestic economy and … Continue reading →

Posted in Black Swan Watch, Commodities, Currency, Euro, Fiscal Policy, Gold, PIIGS, Policy, Politics, Sovereign Debt, Sovereign Risk | Tagged , , , , , , , | 1 Comment

Euro Trashed!

Posted on November 29, 2010 by macromon

Dennis Gartman (click here for video) said today the Euro has “almost terminal problems”and eventually “breaks apart”  into a Northern Euro and Southern Euro.  The currency broke its 200-day moving average against the dollar and looks headed to a very … Continue reading →

Posted in Black Swan Watch, Bonds, Currency, Euro, Monetary Policy, Sovereign Risk | Tagged , , , | Leave a comment

Equity Bulls Battle on Two Fronts

Posted on November 28, 2010 by macromon

The slow improvement of the U.S. economy, reflected in weekly jobless claims, coupled with QE2 is providing an underlying bid to the equity market, which is surprising to many, given the increasingly ugly global macro picture.  On the Western Front, … Continue reading →

Posted in China, Commodities, Currency, Equities, Geopolitical, Japan, PIIGS, Rare Earth Elements, Sovereign Debt, Sovereign Risk | Tagged , , | 1 Comment

Ireland Bailout Equal to $8.8 trillion US Equivalent

Posted on November 22, 2010 by macromon

The FT reports the Irish bailout package will total €80bn-€90bn, which is about 60 percent of the country’s $200 BN annual GDP.  Massive!   The FT writes, The bail-out is expected to total €80bn-€90bn and will include contributions from the UK … Continue reading →

Posted in Black Swan Watch, Currency, Equities, PIIGS, Politics, Sovereign Risk | Tagged , , , | Leave a comment

Jeremy Grantham CNBC Interview

Posted on November 11, 2010 by macromon

Run don’t walk to CNBC’s extended interview with Jeremy Grantham, chief investment strategist at Grantham Mayo Van Otterloo (GMO).  Click here for the interview. He begins commenting on the Fed’s attempt to stimulate growth through the  “wealth effect,” noting that … Continue reading →

Posted in BRICs, China, Commodities, Crude Oil, Currency, Equities, Gold, Monetary Policy, Policy, Whales | Tagged , , | 1 Comment

Dilma Rousseff – “The last time there was a series of competitive devaluations…it ended in world war two.”

Posted on November 9, 2010 by macromon

These are harsh words from Brazil’s president-elect Dilma Rouseff, who was speaking at a joint press conference with outgoing president, Luiz Inacio Lula da Silva last Wednesday.  She joins a chorus of world leaders condemning U.S. monetary policy and sets … Continue reading →

Posted in BRICs, China, Commodities, Currency, Gold, Monetary Policy, Policy, Politics | Tagged , , , | 1 Comment