September 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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  • Yet Another Jobs Jamboree Friday!

    In This Issue..

    * Currencies trade in a tight range...
    * G-20 to shun an exit from stimulus?
    * Gold and Silver and Oil... A new trend?
    * Loonies follow the commodities higher...

    Good day... And a Happy Friday to one and all! Well... Once again, my day didn't turn out exactly as planned, but as they say... A bad day at the ballpark is better than a good day and then you plug in the place... It could be work... It could be cutting the grass... Etc..

    OK... I heard a great song on the radio this morning on my way to work... And I said to myself... Chuck, now that's a great song to start a day with, that everyone should hear each day! It's a song from the 60's (of course!), by the Rascals, called... It's a Beautiful Morning... Here's the first verse, and if you know the song, I'm sure you'll want to sing along, but if not... Look it up, I'm sure, you'll agree that it's a great way to start a day!

    ...
  • Time To Remove Stimulus?

    In This Issue..

    * Chinese stocks rise 5%!
    * Risk Assets follow!
    * OECD forecasts faster global growth...
    * Gold & Silver kicking sand again!

    Good day... And a Tub Thumpin' Thursday to you! Let's hope it remains a Tub Thumpin' Thursday later today, as I head downtown to watch my beloved Cardinals play a day game! For those of you who are baseball fans, you know what I mean when I carry on about how baseball should only be played during the day!

    OK... Before I get to the currencies, economies and the dolts in the world, I wanted to briefly talk about the SEC, who made an announcement yesterday that they had done an investigation of the Madoff audits, and did not find any fraud... Just mistakes... Really? Mistakes? That's what they call them? Even Bernie Madoff himself says that he was "astonished" that the SEC failed to shut him down after interviewing him in 2006!

    ...
  • U.S. Manufacturing On The Rise...

    In This Issue..

    * Risk Assets Get Sold!
    * ISM hits 52.9!
    * Aussie GDP rises!
    * China leading the way!

    Good day... And a Wonderful Wednesday to you! Well, all that back and forth between rally and sell off for the currencies came to an abrupt halt yesterday, when the dollar bulls went on a rampage. There was some very strong economic data to help the move, but the real thing that brought the currencies to their knees was the stock sell off of 185 points...

    Get this... Now we all know that the risk assets of stocks, commodities, and currencies have all been tied together for some time now... So, I was surprised to see a story titled: 'Currency Markets Taken For A Ride By Stocks' Hmmm, maybe this person just woke up from a 9-month coma, eh? Any way, that doesn't matter, it's just another opinion that coincides with mine!...
  • More Baby Steps For A German Economic Recovery...

    In This Issue..

    * German unemployment falls!
    * RBA disappoints the markets...
    * China to buy Canadian company...
    * ISM to print positive?

    Good day... And a Terrific Tuesday to you! And Welcome to September! Well... Here's a thought to get our engines started this morning... Bill Bonner of the Daily Reckoning ( www.dailyreckoning.com )had this to add to my ranting about our National Debt going to over $20 Trillion in the next 10 years, due to deficit spending...

    'The Obama administration, for example, expects to run $9 trillion in deficits over the next 10 years - and that number is based on a recovery! Imagine what will happen if the economy doesn't recover?'

    ...