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  • Fed Heads Go Retro.

    In This Issue.

    * Risk rally is halted by FOMC and China data.

    * Eurozone manufacturing remains in a funk.

    * Eurozone to discuss using EFSF for Italy & Spain.

    * Norges Bank leaves rates unchanged

    ...
  • Bias To Sell Dollars Remains.

    In This Issue.

    * Dollar remains weak.

    * Euro backs off though.

    * Gold climbs back to $1,400.

    * 157 Banks close in 2010.

    ...
  • Finally some positive news for the US labor mkt.

    In This Issue..

    * Finally some positive labor news...
    * ECB and UK rate decisions...
    * China to stress test banks...
    * Happy Birthday Delaney Grace!!...

    Good day... Thunderstorms are rolling through the St. Louis area this morning, and while we don't need the rain, the cooler temperatures they are bringing with them are certainly welcome.

    The dollar moved a bit higher yesterday as data released here in the US finally contained some positive news for US workers. The ISM's index of non-manufacturing businesses rose to 54.3 in July from last month's 53.8 figure. And more importantly for market psyche, it was well above expectations which had predicted a drop to 53. About 90 percent of the US economy is service related, so this number is more closely watched than the manufacturing reports....
  • No More Stress Tests....

    In This Issue..

    * Stress Tests don't reveal much...
    * Risk Assets should rally...
    * RBNZ meets this week to raise rates...
    * Loonies rally on surge in Oil price...

    Good day... And a Marvelous Monday to you... Hopefully, your Monday is working out better than mine has so far... I'm writing from home, with all kinds of technical difficulties this morning. I had car problems and had to turn around and come home. Now, I've not been able to 'connect'... This is starting out about as bad as my trip home from Vancouver on Friday that turned into Saturday!

    Not that you read the letter to hear about my travel problems, but I had to stay the night in Dallas, and fly home Saturday... UGH! So, I'm still beat, and now I have this car problem to deal with as soon as I get this ready to go out!...
  • Beating Up The Banks...

    In This Issue..

    * Risk is back on!
    * Another plan by the President to punish banks...
    * Foreigners to back away from U.S. assets/ dollars...
    * Eurozone Industrial orders rise 1.6%!

    Good day... And a Happy Friday to one and all! Let's see if we can make it a Fantastico Friday! Of course last Friday will be a tough one to top for a long time, given it was pay-day, a Friday, the start of a 3-day weekend, and the temperature went above freezing! But, today is a Friday, so I'll do my best to make it a Fantastico Friday! It will be difficult while I'm writing today though, because, our Gov't just keeps shooting themselves in the foot, and it just ticks me off that they don't say, 'hey, I/we caused this, and we'll fix it', instead opting to find someone to blame, or 'deflect' the problem... I'll explain as we go along today...

    Well... Front and Center this morning, we saw the Risk Aversion that had held a tight grip on the currencies and commodities for about a week, fade a bit as the day went on yesterday, and the dollar selling has carried through the overnight and morning sessions overseas... What caused this 'turn-around?' I hear you asking... Ahhh grasshopper, come sit, and put away the sharp objects!

    ...
  • The Rot On The Vine Goes Deeper...

    In This Issue..

    * The 31st bank is closed in 2009
    * China is showing signs of improvement...
    * The so-called 'decoupling' taking place?
    * Jobs Jamboree ends the week...

    Good day... And a Marvelous Monday to you! I'm Back! Once again, the traveling troubadour returns to the saddle... I'm here for two weeks, then gone again for the Las Vegas Money Show, then I get a nice reprieve in June before heading to Vancouver in July. There's a day game at Busch this Thursday, and I've already been invited to go, so I'm already getting in the frame of mind for that!

    OK... Chris did a great job bringing you the Pfennig each day last week... I was still writing each day, giving daily updates to the FXU people. Chris will be traveling with me to "lost wages" , I mean, Las Vegas, so I'll be writing from the road, which long time readers know I just absolutely love!... NOT!...