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  • Retail Sales Soar!

    In This Issue..

    * Currencies rally on Retail Sales!
    * China likes investments in Canada...
    * Big Ben the 'inflation fighter'...
    * Gold climbs to $1,018!

    Good day... And a Wonderful Wednesday to you! Good news for me this morning, the pain in my left knee has subsided... Now, If I could just get that swelling to go down, I'd be in tall cotton! This has been quite the ordeal on the old Pfennig writer, and one that I will be glad to put in the rear view mirror!

    Well... When I turned on the currency screens this morning, the euro was trading with a 1.47 handle! WOW! It just skipped to my Lou right through the 1.46 handle, eh? It began yesterday afternoon, the dollar was getting sold on the news of a strong Retail Sales figure, more on that in a minute, and the euro was edging up the 1.46 ladder... The move to get it past 1.47 came in the overnight markets... Now, having gotten you all lathered up about 1.47, I have to say that since I turned on the currency screens, the euro has lost ground back to 1.4688, but still... That's quite an impressive move from yesterday morning, eh?

    ...
  • The Dollar Swings A Mighty Big Hammer!

    * Another dollar rally.... * Rumors in Ireland... * Trade Deficit narrows... * Retail Sales to disappoint? ** The Dollar Swings A Mighty Hammer! Good day... And a Wonderful Wednesday to you! I'm writing from home today, as I will not be in the office on this wonderful Wednesday. Writing from home, or the road, always presents problems for me, as I'm so used to being in the "saddle" at my desk, and having information all around me. But, my little work desk at home has some of those amenities... So, what the heck, quit your grumpiness, and get to writing, Chuck! The dollar ripped through the 1.32 handle of the euro yesterday, like a hot knife goes through butter! There was little to no resistance in that 1.32 handle, and before you could tell one of the many people on the desk here that sneeze all day, God Bless you, we were trading with a 1.31 handle in euros. The talk about a European Central Bank (ECB) rate cut has really ramped up this week, and taken its toll on the single unit. No one is mentioning that even if the ECB cuts 75 BPS this week, they'll still have a an interest rate / yield advantage over the U.S! I guess they'll sort that all out somewhere down the line, eh?...
  • Oil Price Slides!

    * Big Ben in a predicament! * The euro retreats after new high... * Retail Sales disappoint! * Yen and francs on the menus again! ** Oil Price Slides! Good day... And a Wonderful Wednesday to you! 3 straight days without rain here in St. Louis! WOW! It did however, rain on the currencies' parade yesterday. About mid-morning, the brakes were applied to the run on the dollar, and the car was put into reverse. Retail Sales disappointed, and PPI is not anything to laugh about... All that and more, as we head into the day after a 15-inning All-Star Game! Front and Center though is the good cop, bad cop thing that played out with Fed Chairman Ben Bernanke (bad cop) and SEC Chairman Cox (good cop)... Big Ben sent the dollar packing in the morning with his statement that highlighted the Fed's predicament... Big Ben noted the parts of financial markets remained seriously disrupted (which screams, no rate hike), but that dollar weakness had helped cause inflation to rise (Here he goes again trying to blame everyone else for the Fed's creation and feeding of inflation... Oh well, this statement screams, no rate cut!). The currencies all took turns taking a swing at the piñata (dollar)... And... It looked like the volcano was about to blow... Oh, I don't know, I don't know, I don't know where I'm a going to go when the volcano blows! (Ahhh, a little Jimmy Buffett on a Wonderful Wednesday!)...
  • Retail Sales Disappoint...

    * Euro rally ends quickly... * Bernanke speaks... * Fighting inflation... * Problems in Iceland......