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Daily Pfennig

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  • A down day for the dollar...

    In This Issue..

    * Jobs disappoint...
    * Factory orders hold up...
    * Franc rises to record against euro...
    * Another feather in the hat for Canada...

    Good day and a Terrific Thursday to you...Its always nice to flip the calendar over to April each year, because in my book at least, this is the unofficial start of spring. We were greeted with a picture perfect day yesterday and today should be even better here in St. Louis. There's just a lot to be said about walking outside without a coat, seeing everything turning green, and hearing the birds chirp. Both Chuck and Chris and out today so I have the honor of bringing you today's Pfennig. Since I don't have any jokes to share with you on this April Fools Day, I'll get right to the meat and potatoes (which is probably a good thing since my joke telling abilities aren't exactly at par.)

    ...
  • All mixed up in the currency markets...

    In This Issue..

    * Mixed up currency markets...
    * Canadian dollar off its highs...
    * Swiss franc continues to rally...
    * China to maintain their peg...

    Good day, it is a beautiful spring day here in St. Louis, and I was able to squeeze in a run first thing this morning before coming in. We had a busy day on the trading desk yesterday, as we had a couple visitors from our legal department in Jacksonville visiting us to give us some training. We also had a number of calls generated by a newsletter which highlighted our basket CDs. We will probably have another busy day, so I had better get right to the markets.

    ...
  • It's A Risk On Monday!

    In This Issue..

    * Currencies recover from Friday sell off!
    * Gold also recovers!
    * RBA to meet tonight!
    * Canada to exit their recession?

    Good day... And a Marvelous Monday to you! I hope your Thanksgiving was special. I had a great time on my day off on Friday, as we went to the country and cut down our Christmas Tree. Quite early for us this year, but you have to take advantage of the 'windows' of time when they pop open! I have to say something front and center this morning though... Last week when I would say we need to give thanks to groups of people, I missed out on something very special to me... My health... I'm thankful that I was allowed to fight cancer, and be around now when my little granddaughter, Delaney Grace is so darn cute!

    OK... Front and center on the currencies this morning, we have the fears of a default in Dubai, fading, and that brings the risk takers back out... So, we had one day of bloodletting on Friday, and come Monday, it'll be alright, Come Monday, I'll be holding you tight, no wait! Come Monday, the tourniquet had been applied, and things are back on track. The Big Dog, euro is off the porch, chasing the dollar down the street once again, and is trading at 1.5050, as I begin to write this morning.

    ...
  • More Baby Steps For A German Economic Recovery...

    In This Issue..

    * German unemployment falls!
    * RBA disappoints the markets...
    * China to buy Canadian company...
    * ISM to print positive?

    Good day... And a Terrific Tuesday to you! And Welcome to September! Well... Here's a thought to get our engines started this morning... Bill Bonner of the Daily Reckoning ( www.dailyreckoning.com )had this to add to my ranting about our National Debt going to over $20 Trillion in the next 10 years, due to deficit spending...

    'The Obama administration, for example, expects to run $9 trillion in deficits over the next 10 years - and that number is based on a recovery! Imagine what will happen if the economy doesn't recover?'

    ...
  • Russian Rumors...

    In This Issue..

    * dollar rallies on N. Korea warning...
    * Emerging Markets decouple...
    * A debt upgrade for New Zealand...
    * Swiss francs rise despite SNB warnings...

    Good day... And a Thunderin' Thursday to you! Yes, the rain continues here in St. Louis, but that's normal for this time of year. But the rain brings the thunder... And so it is a Thunderin' Thursday!

    Well... The dollar came back with some vengeance yesterday pushing the Big Dog, euro, back well within the 1.38 handle, and all the other little dogs, other currencies, followed. There wasn't data to speak of yesterday to push the dollar higher, it was simply a case of fright, as safe haven flows went the dollar's way after the news of a N. Korea attack warning spread throughout the markets....
  • Bank of Canada Makes a Larger Than Expected Cut...

    * Bank of Canada cuts 50 bp... * Trichet supports strong dollar policy... * Swiss economy surprisingly strong.. * Aussie dollar eases... ...