Marc Chandler

Breaking down and making sense of global capital markets. Pre-order my new book Surplus, out Nov 3.

[Marc Chandler @CapitalMarc]

My new book Surplus: The History of Too Much and the End of Economic Primacy is available for pre-order on Amazon. Out November 3, 2026 from Prometheus Books (@prometheusbks).

Pre-order: https://t.co/dQKgO1jm3j

[Marc Chandler @CapitalMarc]

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. https://t.co/eMOIrEPYAC

[Bannockburn Capital Markets @BannockburnCM]

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

[Marc Chandler @CapitalMarc]

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.
https://t.co/eMOIrEQwqa

[Marc Chandler @CapitalMarc]

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. https://t.co/eMOIrEPYAC

[Bannockburn Capital Markets @BannockburnCM]

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

[Marc Chandler @CapitalMarc]

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 https://t.co/sZJju4eGTG

[Marc Chandler @CapitalMarc]

#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 https://t.co/sZJju4feJe

[Marc Chandler @CapitalMarc]

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.

[Marc Chandler @CapitalMarc]

Out now in hardcover, Kindle and audiobook: https://t.co/RvlnDx0CZC Thank you to everyone who has read, shared and written about Surplus this week, and to @johnauthersfor his generous review in Bloomberg@Opinion

[Marc Chandler @CapitalMarc]

#Euro has slipped to new session lows, below $1.1215. 3 bln euro options at $1.12 expire today. #AUD is flirting with $0.7000, where options for A$565 mln expire today.

[Bannockburn Capital Markets @BannockburnCM]

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 @CapitalMarc]

#USD and US index futures sold in Asia Pacific today, like yesterday, but the greenback recovered. Nasdaq settled higher yesterday but SOX lower. Today, Naz 100 futures are lower but Dow futures up 0.6%...rotation?
BOE hiked as expected.
https://t.co/cvZeU8SvMC

[Marc Chandler @CapitalMarc]

#USD and US index futures sold in Asia Pacific today, like yesterday, but the greenback recovered. Nasdaq settled higher yesterday but SOX lower. Today, Naz 100 futures are lower but Dow futures up 0.6%...rotation?
BOE hiked as expected.
https://t.co/cvZeU8SvMC

[Marc Chandler @CapitalMarc]

#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.
https://t.co/cvZeU8RXX4

[Marc Chandler @CapitalMarc]

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 https://t.co/2Ysv2XpdKD

[Marc Chandler @CapitalMarc]

Check it out.

[Marc Chandler @CapitalMarc]

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.
https://t.co/LihmWhHuz5
Order: https://t.co/wif4DivYxS

[Bannockburn Capital Markets @BannockburnCM]

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

[Marc Chandler @CapitalMarc]

#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.
https://t.co/2Ysv2XpLAb

[Marc Chandler @CapitalMarc]

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 https://t.co/2Ysv2XpdKD

[Marc Chandler @CapitalMarc]

US index futures selling off, dragging down US rates, and pushing the dollar lower. QED