Marc Chandler – Jobs Report, GDP Forecasts, ISM Manufacturing, And Inflation Metrics Better Than Expected, Central Banks Continue Easing, And A Review Of The Chinese Economy
Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of The Marc To Market website, joins us to review a number of macroeconomic factors moving the markets. We delve in to the better-than-expected jobs report on Friday, with the 2 prior months being revised upwards, along with better GDP expectations, lower US and global inflation metrics, and better ISM manufacturing readings than many anticipated in an environment where so many have been continuing to call for an imminent recession all year long.
With the macroeconomic data actually much better than most were calling for the last few months, this has Marc thinking the "soft landing" expectations are still front and center. Central banks globally are continuing to cut interest rates, it has many other currencies dropping faster than the US dollar, and so with the US economics on solid footing, this has been putting an upward bias in the greenback.
Marc also shares a nuanced take on the commodities sector that has continued to be well-bid in the face of a stronger dollar, and he points to the complex geopolitical concerns underpinning the oil market, and the impact of the measure the Chinese government is taking to stimulate their economy and real estate sector, in addition to consolidating certain industries and boosting consumer confidence, that may be underpinning the strength in base metals and other commodities.
