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Published: Mon, 20 Jun 2016 13:52:39 EDT

Last Build Date: Mon, 20 Jun 2016 13:52:39 EDT


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Mon, 20 Jun 2016 13:52:39 EDT

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New Vishay Intertechnology SMD Schottky Barrier Rectifiers Save Space In Automotive And Commercial Applications

Thu, 07 Apr 2016 11:00:00 EDT

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7 Observations About the Euro

Wed, 04 Apr 2012 11:09:44 EDT

The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

By Marc Chandler

NEW YORK (BBH FX Strategy) -- ...

Less Dovish Fed Sends Yields, Dollar Higher

Wed, 04 Apr 2012 08:58:37 EDT

NEW YORK (BBH FX Strategy) -- The U.S. dollar is trading broadly higher in response to the less dovish Fed. The yen is the exception.

The rise in U.S. Treasury yields has led to a shakeout of positioning, with stocks declining. The FOMC minutes underscored that further policy easing would require a loss of economic momentum or a sharp drop in inflation. It appears to be a less dovish message than that delivered by Bernanke in last week's speech. On the growth outlook, the committee's views were more upbeat, as the Fed staff upgraded its near-term forecasts "a little."

Yet most members did not interpret the recent developments as a catalyst to upgrade their 2013-to-2014 outlook. Furthermore, the FOMC staff trimmed its estimate of the level of the potential output gap. This suggests that the FOMC estimates a lower level of "slack" in the economy. However, the minutes showed that significant downside risks to economic activity persist even though the strains in the financial markets have eased since January. The Federal Reserve ...

Other Factors Add to Decline of Labor Participation

Tue, 03 Apr 2012 13:01:01 EDT

NEW YORK (BBH FX Strategy) -- The March U.S. jobs report will be released Friday, Good Friday, when many European countries are on holiday and the U.S. is partially on holiday. Unlike the proverbial falling tree that may not make a sound if there is no one to hear it, the data will be important even if the lack of market participation prevents much of a reaction.

Given these circumstances, perhaps what will be more useful than a review of the limited inputs that economists use to forecast the nonfarm payrolls report -- which is among the more difficult of the high frequency data to forecast -- would be a more focused look at the vexing problem of the decline in the participation rate.

Let's dispense with the March jobs report by making a few observations. The risk is on the downside of the current consensus of 220,000 private sector jobs for two main reasons. ...

Spain, Italy Face Continuing Risks

Tue, 03 Apr 2012 12:05:54 EDT

The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

By Marc Chandler

NEW YORK (BBH FX Strategy) -- The more Spanish officials talk about the budget, the less credible it seems. The 10-year yield fell 11 basis points on Friday when the budget was first presented before the weekend. Now as more detail emerges as it goes to parliament, 10-year yields are rising. ...

Hungary's News Means Pressure for HUF

Tue, 03 Apr 2012 11:07:43 EDT

NEW YORK (BBH FX Strategy) -- There were two notable events for Hungary since the start of the week: The results of Hungary's first auction under the new two-year loan facility, and the resignation of President Pal Schmitt, a supporter of the ruling Fidesz party. Neither event had an initial market impact, but both could have potential consequences for Hungarian assets going forward.

The take up for the first auction of the Hungarian mini-Long Term Refinancing Operation facility was lower than expected at HUF 56 billion (expectations were for as much as HUF100 billion). As widely reported, the weak demand was attributed to the comfortable cash position by local banks and their reluctance to accept the conditions associated with using the facility. The Hungarian capital, Budapest

Recall that banks borrowing from the facility must keep gross outstanding loans to the corporate sector at or above the December 2011 levels during the two-year term of the loan. That said, we think the establishment of this facility was an important gesture that will be much appreciated if funding conditions tighten once again. ...

10 Takeaways From the IMF's COFER Report

Tue, 03 Apr 2012 10:33:43 EDT

By Mark McCormick

NEW YORK (BBH FX Strategy) -- The International Monetary Fund recently released its report on the composition of official foreign exchange reserves (COFER). Here are 10 key takeaways from the report:

1. The pace of reserve accumulation increased in the fourth quarter, rising 0.3% to $10.196 trillion from $10.163 trillion in Q3. However, the pace of reserve accumulation declined from Q3, which increased 0.9%. From the end of 2010, total reserves increased nearly $500 billion. ...

Dollar Remains Range-Bound

Tue, 03 Apr 2012 08:55:00 EDT

NEW YORK (BBH FX Strategy) -- The U.S. dollar is trading within Monday's ranges against the major foreign currencies Tuesday. The main exception is the Australian dollar, where the central bank kept rates on hold, but encouraged the market to look for a rate cut next month.

The unwinding of long AUD cross positions helped lift the yen after the Bank of Japan reported the first decline in its monetary base in three years. The dollar fell to its lowest level against the yen in nearly a month, with reported purchases by Japanese importers helping to steady the greenback near JPY81.50. This, in turn, helped the other main yen crosses recover from earlier losses.


Commitment of Traders Report: The Long and Short of It

Mon, 02 Apr 2012 11:54:00 EDT

The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

By Marc Chandler

NEW YORK (BBH FX Strategy) -- Most observers who look at the weekly Commitment of Traders report in the currency futures market focus on the net noncommercial, or speculative, positioning. ...

Greek Default Worries Emerge Again

Mon, 02 Apr 2012 11:19:17 EDT

The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

By Marc Chandler

NEW YORK (BBH FX Strategy) -- Following the Greek PSI in March, one would have thought Greece would be out of the news until next month's election. However, the risk of another near-term default has increased, putting the nation back in the spotlight. ...

Dollar Begins Week Softer

Mon, 02 Apr 2012 08:11:18 EDT

NEW YORK (BBH FX Strategy) -- The U.S. dollar is marginally softer as North American players return to their posts.

The better-than-expected official Chinese manufacturing purchasing managers' index (53.1 from 51.0 in February and consensus for 50.5) saw steeper losses in the greenback. The disappointing eurozone manufacturing PMI however (47.7 same as the flash but weak details) helped cap the euro in front of last week's highs, ahead of 1.34, and weighed on European equities.

The UK Chartered Institute of Purchasing and Supply survey of manufacturing surprised on the upside (52.1 vs 50.7 consensus) and sterling extended recent gains, though we suspect it will struggle to extend those gains in North America Monday. ...

Trade Balance Data a Mixed Bag for EMEA Currencies

Fri, 30 Mar 2012 14:23:39 EDT

NEW YORK (BBH FX Strategy) -- The recent set of external balance data paints a mixed picture for the Europe, Middle East and Africa region. It improves the odds that the rebound in TRY will continue, supports our negative view toward ZAR, and on the margin, is positive for HUF and negative for PLN. Turkey

Turkey released a surprisingly narrow trade deficit for February, which shows that at least one of the central bank's problems is improving. The deficit stood at $5.9 billion against expectations for $6.9 billion, narrowing back to levels not seen since mid 2010.

Recall, however, that the current account deficit disappointed in January by shrinking by less than expected to $6.0 billion. Despite our current preference for lower beta currencies, we think that the short-term outlook for TRY has improved after central bank governor Basci took some decisive steps towards the hawkish camp. ...

Currency Outlook for Norway, Sweden

Fri, 30 Mar 2012 12:45:53 EDT

NEW YORK (BBH FX Strategy) -- The Norwegian krone and Swedish krona are the strongest major currencies Friday, appreciating about 0.85% and 0.6% respectively. While the fundamental justification of the more modest gains in the other major foreign currencies may be more elusive, in the Scandi's case, fundamental developments are supportive.

Sweden reported stronger business and manufacturing confidence numbers earlier this week, but the February retail sales report was a more significant catalyst. Retail sales rose 1.2% in February. The consensus was for a 0.1% rise. The Riksbank's Ekholm suggested Friday the economy appears to have bottomed after a 1.1% contraction in fourth quarter. This week's data seems to further rule out a rate cut in April, which many had previously expected.

If monetary policy may be less accommodative, fiscal policy appears to be a bit looser. The budget authority today revised this year's forecast to a deficit of SEK13 billion from a surplus of SEK1 billion. Similarly, next year is now projected to have a budget deficit of SEK11 billion rather than a surplus of SEK14 billion. As a percent of GDP, this year's deficit is a minor 0.7%, the envy of most of the OECD. ...

Dollar Under Pressure at Month End

Fri, 30 Mar 2012 08:02:53 EDT

NEW YORK (BBH FX Strategy) -- The U.S. dollar is finishing the week, month and quarter on the defensive. The euro appears poised to challenge the $1.34 area that capped it earlier in the week, while sterling is trading above $1.60 for the first time since last November.

Demand is driven from short-term players as well as asset managers. Sterling has been particularly resilient over the past week or so amid merger and acquisition reports. The greenback is also sporting a softer profile against the yen, with a marginal new low for the week recorded in early Europe after a dip below JPY82.00.