March 2010 - 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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  • Bailout Package For Greece Put On Hold...

    In This Issue..

    * Euro rally fades on latest Greek development...
    * Brazilian real rallies...
    * Canadian loonie ratchets higher...
    * Another Geithner smoking gun?

    Good day... And a Tub Thumpin' Thursday to you! It's Tub Thumpin' because... I say so! Every day's a new day... And for someone like me that had two strikes called on me before I knew the pitch was even coming... Every day is special!

    I want to thank every one that sent along a note of good wishes, and advice to tell the people that decide that email is a good way to ruin someone's day, good riddance... I'll have more on this in the Big Finish...

    But what a day the currencies had yesterday! The euro gained ground all the way back to 1.3730 (but saw some profit taking at the end of the day) and all the other currencies followed in step... Now... There's two ways to look at this... Either the euro is like a star that's getting ready to burn out... (it always shines brightest before it burns out), or... It's like a star that had been covered up by another planet, and is coming back into view!...
  • U.S. States In Deep Trouble!

    In This Issue..

    * A long history of dollar moves...
    * Canadian GDP jumps 5%...
    * U.S. Traders didn't like the Greece package...
    * Getting out of Dodge...

    Good day... A Wonderful Wednesday to you! I hope your Tuesday was Terrific! Day one with just my little buddy Alex and me at home went off without a hitch... I took him to the jazz guitar teacher, and he sounded great! He auditions for the high school jazz band on Thursday. He'll be just a freshman, so it will be quite the uphill battle for him to make the band in his first try... But... He's so darn good!

    Well... I have to say front and center this morning, that while it may have taken the currency traders 1/2 day to realize that Australia had raised rates, to finally begin to push the A$ higher VS the green/peachback... I was beginning to think yesterday that I was going to have to have egg all over my face again, when the A$ didn't respond right away... But it was all right on the night, so it's no egg on the face for me!...
  • RBA Hikes Rates!

    In This Issue..

    * A long history of dollar moves...
    * Canadian GDP jumps 5%...
    * U.S. Traders didn't like the Greece package...
    * Getting out of Dodge...

    Good day... Well... I'm back in the saddle! And a Terrific Tuesday to you! It didn't take long for me to get the emails started telling me how wrong I am again... WOW! Of course, I wonder where these people have been the last 9 years, as when 9 years ago I was the first writer to issue a white paper calling for the long term down trend for the dollar... Or, in 2002, when everyone was writing off the euro, I wrote the white paper, 'The Year of The euro'... Or in, 2005, when everyone called for the collapse of the euro... But not me... Or, in 2008, when everyone called for the collapse of the euro... But not me...

    Is this time different? I doubt it... Lose value for 6 more months? In my opinion yes... But then returning to the underlying weak dollar trend. Look folks, if you really think that by sending me emails telling me I'm wrong, and I'm stupid, and everything else, that I'm going to change my mind on this... Then you might as well stop! Or... Start writing that great American, NOT! George Soros, and tell him how great he is......
  • A 34 Billion Euros Package For Greece!

    In This Issue..

    * Currencies trade up, then back down...
    * RBA to hike rates this week?
    * Jamie Dimon on California VS Greece...
    * Fannie needs another $15 Billion!

    Good day... And a Marvelous Monday to you! And Welcome to March! My fave month! Yes, it's me this morning... You were under the impression that it would be Chris this morning, and back to me tomorrow... But here I am... I'll rock you like a hurricane! HA! Chris had some fatherly duties this morning, so I took the conn back one day early... I'll still rest today after a long, difficult week last week in Scottsdale, and will be back in the saddle tomorrow, as planned.

    Well... What have we here? News broke on this past Saturday, that a package of 30 Billion euros was going to be provided to Greece from German and French state banks, and investors... The amount then turned to $34 Billion... Now... You know me... And I'm not in favor of 'bail outs'... Throwing good money at bad... And all that, but... This looks like it's what the markets wanted to see, for the currencies, especially the higher yielding currencies are receiving a bias to buy this morning...

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