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  • Singapore announces a revaluation...

    In This Issue..

    * An Asian currency announces a revaluation...
    * Growth in the Asia-region benefits Australia...
    * Brazil to raise rates...
    * US trade deficit widens, pushing the dollar lower...

    Good day, it certainly was a good day here at EverBank yesterday. I will start today's Pfennig off with some good news which Chuck shared with the desk yesterday afternoon. The scans which he underwent last week came back clean, so the cancer is limited to the mass behind his eye, and hadn't spread to any other part of his body. This was just about as good as news as he could receive, and now he heads to the eye doctor to figure out a plan to deal with the mass. He wanted me to let everyone know how much he appreciates your emails of support....
  • Germany Weighs Possible Bail Out...

    In This Issue..

    * Some healing in the currencies...
    * Brazilian real heats up!
    * Is there a secret central bankers meeting?
    * Aussie Confidence weakens...

    Good day... And a Wonderful Wednesday to you! It sure turned out to be a Terrific Tuesday yesterday, even with 5 inches of snow on the ground! There are rumors going round that someone's underground, and she will rock you, no wait, the rumors are... 1. There is a secret central bank meeting going on, and 2. that Germany is weighing bailout possibilities for Greece...

    The latter really lit a fire under the risk assets yesterday, allowing stocks, currencies and commodities to enjoy a day in the sun, away from the shade the dollar was casting on the risk assets. Stocks turned around and had a strong showing for the day, Gold was up $15, and currencies, led by the Brazilian real gained back some precious ground VS the dollar. I know that sounded a little strange saying 'led by the Brazilian real' as I normally associate the currencies being 'led by the euro'......
  • U.S. Trade Deficit Widens...

    In This Issue..

    * A back-n-forth day in currencies...
    * Canada slips into deficit in trade...
    * Waiting on Aussie jobs data...
    * A story in Business Week, you'll want to read...

    Good day... And a Wonderful Wednesday to you! The 'January Thaw' continues... Hopefully, in time to save the orange trees in Florida! That's all we need right now is to see food prices ratcheting even higher than they already have gone... NOT!

    HEY! Good morning to you! I've had a very typical morning, with no surprises, no scavenger hunts for anything, didn't have to stop on my way in for anything, so, I was feeling pretty good, until I got here, and saw the price of Oil...

    The price of Oil has dropped from $83.18 a week ago, to $79.80 this morning... Why did this spoil my day? Well, like Lloyd Bridges in the Airplane movie, I must have picked a bad day to fill my gas tank, the other day, when Oil was so high!

    ...
  • Central Banks Diversify Out Of The Dollar!

    In This Issue..

    * Currencies rally VS the dollar...
    * Reasons why the U.S. wants a cheaper dollar...
    * Interest rate differentials...
    * Trade Deficit narrows...

    Good day... And a Marvelous Monday to you! An absolutely awful weekend for our professional sports teams, as the Cardinals, Blues, and Rams all lost! The Cardinals were swept out of the playoffs! UGH! Talk about a downer for yours truly... I sat there, at the game, with my little buddy, and beautiful bride, and saw the writing on the wall early in the game... No life from those redbirds... And so, another baseball season comes to an end here in St. Louis...

    Friday morning, after drying out from Thursday nights drenching, no wait, super soaking at Faurot Field in Columbia, I sat down to breakfast, and read the Pfennig... I noticed that Chris was on a roll about Geithner... I thought that it was a good finish to the things I said about him the previous day! Chris will have the conn on the Pfennig Tuesday through Friday this week......
  • Stuck In A Range...

    In This Issue..

    * A Turn Around Tuesday?
    * BRIC meeting doesn't get covered by the media?
    * Are the Bearer Bonds real or fakes?
    * QTC's get Gov. backing!

    Good day... And a Wonderful Wednesday to you! Remember last week, when I said that we had a 'Turn Around Tuesday?' I came in this morning to find a story that Chris Gaffney had printed off the Bloomie for me... The writer refers to the price action yesterday as 'Turn Around Tuesday!' OK... I for one, don't even begin to believe that I was the originator of a saying like that for the currencies... I just find it interesting, that a week after I make a big deal out Turn Around Tuesday that it is used in a story with much wider distribution than my little old Pfennig!...
  • Data shows just how bad things are...

    * Data shows just how bad things are... * Trade deficits narrow... * EU confirms they are in a recession... * RBA intervening again... ** Data shows just how bad things are... Good day... Chuck asked me to go ahead and write the Pfennig this morning, but I got a late start, so this one will be short. We finally had some data releases here in the US which look to steer the markets, so I'll just get right to it. The dollar continued to strengthen yesterday after another round of bad weekly employment figures. Initial jobless claims increased to 516k during the first week of November, and last weeks numbers were revised up to 484k. The employment picture continues to darken here in the US, and it doesn't look like it will improve any time soon. This is just what the US consumers don't need right now. Not only are most consumers living paycheck to paycheck, but now many of those paychecks are being ripped out of their hands....
  • Who Owes Who?

    * Trading theme pushes yen higher... * Settlement day for Lehman CDO's... * Oil price fall hurts loonies... * Gold climbs back above $900... ** Who Owes Who? Good day... And a Happy Friday to one and all! It certainly doesn't look as though it will be a Fantastico Friday in stocks, as yesterday was a bloodletting, and overnight the Japanese stock market sold off 11%, and Europe is down about 9% at this point. UGH! This is getting quite ugly... But remember what I've been saying this week about the currency trading theme... When things look bleak, the dollar goes up... And when it looks as though all the stimulus might work, the dollar sells off... This has been quite evident in Japanese yen overnight, as stocks sold off 11%, the currency rallied to a 98 handle from 101 yesterday... And... Then in dollar trading, other than yen, the dollar is stronger this morning, pushing the euro back to the 1.35 handle. The high yielders, which enjoyed a day in the sun yesterday before U.S. stocks took a turn on the slippery slope, got whacked hard overnight! UGH!...
  • Aussie Trade Deficit Narrows!

    * More Jobs data and talk... * Currencies see some healing... * RBA leaves rates unchanged... * The cows are out of the barn!...
  • Currencies Rally Again!

    * Currencies rally again! * Trade Deficit "narrows"... * A 30-year low for Australian unemployment! * And now a word from "MR. Know-it-all" ...