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  • EU reaches an agreement (again)...

    In This Issue...

    * Jobs data is massaged...
    * EU reaches an agreement (again)...
    * Ben warns Congress we are in a 'dark place'...
    * Report shows strong growth in New Zealand...

    Good day, and happy Friday to everyone. The end of another week minus Chuck who will be back in the saddle in a few more days. Chuck is working down in Florida today, giving a presentation at an investment conference. The dollar went on another amusement ride over the past 24 hours, appreciating during the US trading day and then falling back down overnight. It has settled in right about where it was this time yesterday morning with a few exceptions....
  • Heading Towards Zero...

    * Fed cuts rates 50 BPS! * Currencies rally Big! * 3rd QTR GDP to go negative? * I.O.U.S.A. ** Heading Towards Zero... Good day... And a Tub Thumpin' Thursday to you! It certainly was a Tub Thumpin' Wednesday for the currencies, foreign stocks, commodities, and the Philadelphia Phillies! This by no means that the deep dense fog that has hung over the markets for 3 months has lifted for good... It did, however, lift for one day, and what a day it was! Oh, and the Fed did indeedly do cut their Fed Funds rate to 1%, which works out great since Fed Funds had been trading at 1% anyway! I had a reported from Dow Jones call me a few minutes after the rate cut and ask me my opinion on what the dollar was doing, which at the time was rallying back a bit... I said it looked like a classic case of buy the rumor sell the fact, that enough speculators were pushing the dollar lower ahead of the rate cut in hopes that a larger cut would be made. That, however, was not the case, and the dollar rallied... But only for about 20 minutes, and then it took a rid on the slippery slope, with the euro pushing to the 1.29 handle as I left for the day....
  • Are Freddie and Fannie Insolvent?

    * Poole slams Freddie and Fannie... * The dollar gets sold again... * Bad data for the dollar today... * Renminbi matches '07 performance! ** Are Freddie and Fannie Insolvent? Good day... And a Happy Friday to one and all! A Fabulous Friday indeed! The euro broke out of that tight trading range yesterday, we had a distorted Weekly Jobless Claims number, and the un-dynamic duo of Ben and Hank got taken to the woodshed by Ron Paul... All this and more as we head into the 2nd Friday of July! OK... First on this Fabulous Friday, I forgot to talk about ex-St. Louis Fed President William Poole's comments about Freddie and Fannie yesterday... These comments were responsible for bringing the mortgage meltdown front and center to the markets once again... So... What did Poole say? Well... Poole flatly stated that, "Freddie and Fannie Mae are insolvent"... Uh-Oh! As I thought earlier this week that this meltdown of Freddie and Fannie Mae could be the risk event I've been talking about... Well... If Poole is correct... We're here......
  • A Jobs Jamboree Friday!

    * The dollar's mini-rally fades... * Weekly jobless claims jump to 407K! * Swiss inflation rises! * Final Four weekend!...