Marios Maratheftis
Marios Maratheftis
came change data hike interest march market numbers percent pricing pushed rate towards
The payrolls data managed to change interest rate expectations -- the market was pricing in a March (U.S. rate) hike by about 75-80 percent before the payrolls numbers came out. Once they had come out that was pushed towards 90 percent.
action comments excite market rhetoric
His (Weber's) comments are across-the-board hawkish... But the market has to see action. The rhetoric doesn't excite the market anymore.
consistent market message
The message was consistent with what the market was already expecting.
continue dollar dominating fed market rate short signals supporting term theme thinking until
The dominating theme in the market is yield. That's supporting the dollar and will continue to do so in the short term until the Fed signals it's thinking about the end of the rate cycle.
bad data helped market thinking true
The market started thinking that the data were just too bad to be true and this helped the dollar.
agreement changes china leaving market sensitive shows strengthen
The market may see this as just rhetoric, and it shows they're not leaving China with any agreement to strengthen the yuan. The yen is most sensitive to changes in expectations on the yuan.
basis buying doubts economic euro evidence german government market necessary people proceed
The market has its doubts that the new German government is going to be able to proceed with the necessary economic reforms, ... People aren't going to be buying the euro on the basis of this result, because we need to see some evidence that the new government will deliver.
buying euro market showing swiss textbook
The market is showing a textbook reaction, buying safe-haven currencies like the Swiss franc and euro and away from the dollar.
economic fact good investing investors japanese less missing overseas piece puzzle sign situation strong stronger translated
The situation with the yen is a very strong economic story which hasn't translated into a stronger currency. The one missing piece of the puzzle was the fact that Japanese investors were investing more abroad. Any sign that they're investing less overseas is good for the yen.
comments hikes later positive rate shift
Fukui's comments are positive on a shift in policy, and we may even get rate hikes later this year. That is positive for the yen.
aggressive dollars expect hurt lead less outright sell signal
I don't expect them to outright sell dollars -- that would lead to a crash, which would hurt China. It may signal a less aggressive accumulation of dollar reserves.
change seems testimony
Nothing in today's testimony seems to change this.
aggressive chinese correct gradual key move path rhetoric
There has been more aggressive rhetoric from the U.S., but rhetoric is not going to make the Chinese move faster. They're on the correct path with a gradual strengthening of the yuan. Gradual is the key word.
change convincing difficult economic interest japan likely news policy rate recovery stage until
Economic news from Japan is positive, but the yen isn't benefiting from this very much because we're not likely to see a change in the interest rate policy yet. It's going to be difficult for the yen to stage a convincing recovery until the BOJ acts.