February 2009 - Daily Pfennig

A free, quick-reading daily e-letter on world currencies, economic trends, and the occasional baseball score.

Daily Pfennig

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  • Talking Stimulus...

    * A very tight range for currencies... * RBA cuts rates to historic low! * Spending that doesn't create jobs... * Gold see profit taking... ** Talking Stimulus... Good day... And a Terrific Tuesday to you! On the road again, I just can't wait to get on the road again... Yes, all my bags are packed and I'm ready to go! Won't be back until late Saturday night, and back in the saddle next Monday. And I'm leaving just in time, as yet another cold front has moved into St. Louis! UGH! Well... Let's see... What to talk about today? I could talk about the Aussie rate cut and stimulus package... I could talk about the "new and improved" stimulus package and all the "non-stimulus spending attached to it... I could talk about how it sure seems as though the euro, and then the other currencies, are taking their cues to rally from equities... Now, this is certainly a short term phenomenon because we all know that currencies have different pricing mechanisms than stocks, and a very low correlation to stocks, which is why they make excellent diversification assets, along with Gold and Silver....
  • Groundhog Day 2009

    * The dollar remains strong... * GDP sinks to -3.8% * Central Bank rate meeting week... * Gold outperforms just about everything! ** Groundhog Day 2009 Good day... And a Marvelous Monday to you! It's Ground hog Day (what a great movie!) today... And what a Super Bowl Game last night! WOW! Almost as exciting as the year our Rams won and the tackle on the last play of the game for a touchdown, was made on the one yard line... Seems like eons ago, that the Rams won... Well, front and center this morning, the euro and other currencies are still reeling from that shot to their mid section by George Soros at the World Economic Forum, in Davos Switzerland. The dollar has flexed its muscles a bit more and taken the euro to just above 1.27... Not that euro holders want to hear this, but this IS what I was talking about all last month with the talk of an Obama bounce. The stock market hasn't caught on yet though......