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  • Euro falls as Greece pushed toward IMF...

    In This Issue..

    * Euro falls as Greece pushed toward IMF...
    * Decision on Norwegian interest rates...
    * Canadian dollar rises...
    * Kiwi to outpace Australian dollar...

    Good day, the dollar gained ground across the board as the news hit that the IMF will be brought in to help rescue Greece. The dollar was also helped by data which showed existing housing sales fell by less than expected in February. We will get additional news on the status of the US economy today, with the release of durable goods and new home sales numbers for February. We will get a rate decision by the Norwegian central bank today, which could stoke calls for higher rates here in the US. But the big news overnight is concerning the euro (again!).

    The euro sold off by a full percentage point vs. the US$ after both Germany and France are reported to have agreed to have the IMF involved in aid to Greece. This is an about face for European leaders who announced last week that they had agreed on a European solution to the Greek crisis. But Germany's Chancellor Angela Merkel threw a spanner in the works a week ago when she said Germany would not participate in giving Greece financial aid. This threw the euro into crisis mode again, as the 'agreement' reached early last week never materialized....
  • 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!

    ...
  • Desperately Seeking Yield...

    In This Issue..

    * Currencies rally...
    * More on the BRIC's...
    * New Zealand's GDP contracts..
    * Bernanke gets grilled!

    Good day... And a Happy Friday to one and all! The end of what seemed to be a very long week... The last weekend in June, can you believe that? Next week, we'll be getting ready for the 4th of July celebrations! WOW!

    Well... What a volatile week it has been in the currencies! Up, down, all around, and settling back to levels that we saw before the Fed's FOMC meeting earlier this week. Suddenly, investors are looking for yield again... Looks like they are "Desperately Seeking (not Susan) Yield! And why not? The Fed, and the Bank of Canada (BOC) have come out and said that there will be no interest rate hikes until we've turned quite a few pages on the 2010 calendar....
  • More Stimulus On The Way?

    In This Issue..

    * Euro leads currencies higher...
    * Commodities rally back on FOMC thoughts...
    * FOMC meeting today...
    * NZ Consumer Confidence on the rise...

    Good day... And a Wonderful Wednesday to you! Well... Yesterday, the title of The Pfennig was: So Far... It's A Turn Around Tuesday! And... That theme played well throughout the day, and by day's end, it had been quite the Turn Around Tuesday! Now, we have to see what's in store for us today, as the last couple of weeks have seen the Wednesday trading quite the opposite of Tuesday's trading! Strange trading pattern don't you agree?

    Overnight, the euro climbed as high as 1.4140, only to sit at the cusp of 1.41 as I begin to write this morning. Of course 1.41 certainly looks a lot different from the 1.35-1.40 range we've seen in recent days. But then, we've seen these probes above 1.40 before only end with the euro falling back to the 1.35-1.40 range again......