April 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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  • A Jobs Jamboree for Friday!

    In This Issue..

    * G-20 Gives the green light to risk takers....
    * Currencies rally on the day...
    * A discussion on capitalism...
    * Yen continues to weaken...

    Good day... And a Happy Friday to one and all! A Fantastico Friday, as I head to my fave city in the country, San Diego. I'll be heading to the airport shortly after sending this out. The currencies rallied nicely yesterday, and I'll tell you why... So, let's go to the tape!

    Well... Remember all the talk about relaxing the FASB mark-to-market rules in the past couple of months? The announcement was made in the communique of the G-20 meeting. The Financial Accounting Standards Board (FASB) revised the rules to allow companies to use their 'judgment' to a greater extent in determining the 'fair value' of their assets. The board also made it easier for companies to avoid having to take impairment charges against earnings when they suffer losses on their investments....
  • The waiting game...

    In This Issue..

    * Waiting on G20 and the ECB...
    * US home prices plunge...
    * What will come from G20...
    * ECB to cut rates, but no quantitative easing...

    Good day... The markets will play a waiting game today, and I expect the currencies to trade in a pretty flat range. The focus will be on the G20 which starts tomorrow, and the ECB announcement which will also be released tomorrow. So today I will share my views on both of these topics, but first I will report on what occurred yesterday and overnight in the currency markets.

    The dollar climbed yesterday morning as data released showed US home prices plunged at a record pace and consumer confidence continues to bottom. US home prices fell nearly 19% in January according to the S&P Case Shiller index. This was even worse than economists had predicted, and December's numbers were revised down....