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  • Judgment day has arrived for Euro banks…

    In This Issue..

    * Judgment day for European banks...
    * US data beats estimates, but is still bad...
    * South Africa leaves rates unchanged...
    * Fannie and Freddie still in limbo.

    Good day. And welcome to what hopefully will be a fabulous Friday for everyone. I know it will be a good one for me, as I am heading out the door as soon as I get this written. My son is playing in the Show Me Tournament this weekend which is Missouri's little league state championship. Should be a fun weekend of baseball, but a bit hot as temperatures are expected to stay right around the triple digits...
  • Aussie Job Creation Soars Again!

    In This Issue..

    * Currencies rally on Wednesday...
    * And hold on to gains overnight!
    * Loonies outperform on the day...
    * More 'an inconvenient debt'...

    Good day... And a Tub Thumpin' Thursday to you! It sure has been a Tub Thumpin' Thursday so far, as the Asian and European markets are hopping, and in Australia, the jobs just keep coming! All that and more on this Tub Thumpin' Thursday, that, as our little Christine would tell me is 'my Friday'!

    OK... Front and Center this morning, yesterday I told you, well, let's just go to the archives and see what I told you word for word... Pfennig 7/7/10: 'Today, we'll see the latest labor report from Australia. In recent months, the jobs data has consistently surprised to the upside each month, so it's not like going out on a limb to say that I expect the job creation to be better than the +15,000 that's forecast.'...
  • Santa rally for the currencies...

    * A Santa Rally for the currencies?... * Waiting for the FOMC... * AUD and NZD rally... * China to try and keep growth above 8%... ** Santa rally for the currencies... Good day...It was actually a Great day for the currencies yesterday as the dollar index dropped another full point. The Euro moved past $1.35 and then blew through $1.36 to end the day over $1.37. And the Euro wasn't even the best performer, as the New Zealand dollar rallied over 2.1% vs. the US$ to take the title of best performing currency against the greenback. The South African rand was the only currency turning in a negative performance yesterday with the other commodity driven currencies of Norway and Brazil just barely holding their ground vs. the US$....
  • Credit Fears Ease...

    * Credit fears ease... * Chuck's thoughts from the road... * India cuts rates... * China growth slows, but is still 9%... ** Credit fears ease... Good day...And welcome to what should be another volatile week in the markets. Credit worries eased somewhat over the weekend, which helped push money back into the higher yielding currencies. Today Federal Reserve Chairman Ben Bernanke will head to Congress to share his view on the economy. Should make for a pretty interesting day of trading. Hope you are sitting down and holding on, it looks like we are going to take another lap on the currency roller coaster! The yen fell over the weekend as investors began moving funds back into the higher yielding currencies of Brazil, Mexico, New Zealand and Australia. I won't go into the whole explanation of the carry trade again, but suffice it to say that these moves haven't proven to have much staying power. But I do like the news that the credit markets may be calming down a bit after the government moves to shore up the big international banks....