Breaking down and making sense of global capital markets. My new book, SURPLUS, is out now.
Joined May 2009
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Marc Chandler retweeted
Week Ahead: Fed's Focus on the "Accumulation of Information" Takes Thunder from CPI: The dollar rose against all the G10 currencies last week except for the Swiss franc. The gains were concentrated against the dollar-bloc currencies and the Scandis. Neither… dlvr.it/TWDplB
The US midterm election results boosted two narratives. The first was on limits to data centers. The second was a more optimistic of ending the war with Iran. SOX dropped for 5th straight week and Dec WTI fell for 1st week in 6.
marctomarket.com/2026/11/wee…
Weekly commentary drops. Conventional narrative is midterm US election results & local initiatives cracked the AI story, but the move began before the election results. SOX fell for the 5th consecutive week as did 10-year US ylds. marctomarket.com/2026/11/wee…
ICYMI
#USD remains broadly lower following the US election results. Tech stocks have recovered. Given the upcoming US data, incl Fri jobs report and Fed speak, December hike remains highly likely, risk-reward may favor USD.
marctomarket.com/2026/11/ele…
Marc Chandler retweeted
US Jobs Report Competes with the Unsettled Equity Market to Drive the Greenback: The US dollar is broadly stronger. Against many G10 pairs, it is at its best level since Tuesday’s midterm elections. Ahead of the US jobs report, the euro and sterling are… dlvr.it/TWD5JV
The greenback is at its best level since the midterm election results. The drop in oil prices this week and equities has injected a new dynamic in the capital markets.
See marctomarket.com/2026/11/us-…
#USD is broadly higher ahead of the US employment report. It is at its best levels since midterm election results. Chips and oil have emerged as key drivers this week. Still, a disappointing jobs report can still roil the markets.
See marctomarket.com/2026/11/us-…
Fri's PBOC USD fix will be notable. It will be the first increase on a weekly basis since early Aug. It has been a one way market. The RMB has risen by 4.8% this year, making it among the strongest currencies. The OECD's model of PPP has JPY 63% and the Euro 33% under-valued.
Thank you to everyone who has read, shared and written about Surplus this week, and to @johnauthers for his generous review in Bloomberg @Opinion.
Out now in hardcover, Kindle and audiobook:
amazon.com/Surplus-History-M…
Marc Chandler retweeted
BOE Initiates Tightening Cycle with Quarter-Point Hike: In the initial reaction to the US election results, the dollar and US equities were sold. The market talk was about the implications for the AI build-out. The AI meme questioned and the Philadelphia Stock… dlvr.it/TWCG4R
Marc Chandler retweeted
#BOE hiked as widely expected. $GBP ticked up after slipping below $1.3450. The #eur has traded within yesterday's range. 3 bln euros in options at $1.12 expire today. Focus is still on chips (SOX ended 3% lower yesterday) and oil.
marctomarket.com/2026/11/boe…
Like yesterday, #USD and US index futures sold in Asia Pacific, but recovered in Europe; North America to be seen. Large #eur option at $1.12 expire today. BOE cut as expected. Focus on chips and oil ahead of tomorrow's US jobs report.
marctomarket.com/2026/11/boe…
#BOE hiked as widely expected. $GBP ticked up after slipping below $1.3450. The #eur has traded within yesterday's range. 3 bln euros in options at $1.12 expire today. Focus is still on chips (SOX ended 3% lower yesterday) and oil.
marctomarket.com/2026/11/boe…
Marc Chandler retweeted
#USD remains broadly lower following the US election results. Tech stocks have recovered. Given the upcoming US data, incl Fri jobs report and Fed speak, December hike remains highly likely, risk-reward may favor USD.
marctomarket.com/2026/11/ele…
Marc Chandler retweeted
Mkt response to US election results initially took stocks lower, but they have recovered. The #USD is still broadly lower but may recover in North America. US data, incl Fri jobs report and Fed speak will keep Dec hike as most likely scenario.
See marctomarket.com/2026/11/ele…
Marc Chandler retweeted
Election-Inspired Dollar Setback may be Buying Opportunity Ahead of Friday's Employment Report: The US election results initially spurred a sell-off in tech shares as Democrats may be more interested in regulating AI than the current administration, and local… dlvr.it/TWBM7M
ICYMI
I posted a summary of Surplus, my new book, that is officially published by Prometheus today. Thanks for the support and encouragement from so many.
marctomarket.com/2026/11/sur…
Order: globepequot.com/978149309665…
#USD remains broadly lower following the US election results. Tech stocks have recovered. Given the upcoming US data, incl Fri jobs report and Fed speak, December hike remains highly likely, risk-reward may favor USD.
marctomarket.com/2026/11/ele…
Mkt response to US election results initially took stocks lower, but they have recovered. The #USD is still broadly lower but may recover in North America. US data, incl Fri jobs report and Fed speak will keep Dec hike as most likely scenario.
See marctomarket.com/2026/11/ele…