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  • A Return To Debit Crisis Trading...

    In This Issue..

    * Strong euro rally fizzles out overnight...
    * Russia to add C$ and A$'s?
    * IMF sides with U.S. on Chinese currency policy...
    * Aussie housing starts are strong...

    Good day... And a Wonderful Wednesday... Man! Did we have some torrential downpours yesterday! The creek that my yard backs to was 'a risen'! I can't imagine all the rainouts of ballgames this spring... It's one of the things that drove me crazy, when I was a baseball manager...

    OK... The rain was coming down hard on the dollar yesterday too... But, this morning, when I turn on the screens, it looks like that dollar selling that went on all day yesterday, has had the brakes applied. I would say slammed on, but it all happened while I was sleeping, so I don't really know for sure!...
  • 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....