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  • Investor concern causes a move back to dollars...

    In This Issue..

    * Investor concern causes a move back to dollars...
    * UK elections weigh on the pound...
    * The loonie can't keep the buck...
    * Jim Rogers mirrors Chuck's thoughts...

    Good day, the dollar moved higher throughout the trading day, and the rally continued in overnight trading. Just about all of the major currencies were down, with the Singapore dollar and Japanese yen the only two which saw a positive return vs. the greenback. This would indicate Wednesday was a 'risk off' day, as investors moved money out of higher yielding currencies and back to the carry trade funding favorites of the yen and US$....
  • Traders fear Chinese 'bubbles'....

    In This Issue..

    * Traders fear Chinese 'bubbles'...
    * Bollard leaves rates unchanged... ...
    * Aussie dollar rallies...
    * Pound sterling rallies, but it can't last...

    Good morning, Chuck headed out the door with a huge smile on his face yesterday as he heads down to spring training. With Chuck down in Florida, he handed the keyboard over to me for the rest of March. I am excited to be able to bring you the Pfennig over the next few weeks, and appreciate the opportunity to share my thoughts on the currency markets with all the loyal readers. For those of you who are new to the Pfennig, I have been told my style is a bit more 'dry' than Chuck's (I can't even come close to his encyclopedic knowledge of lyrics); and I typically get the Pfennig sent out a bit later than Chuck. But I will try my best to keep everyone informed and get this out in a timely manner. Lets get started....
  • Jobless recovery?? Not going to happen....

    In This Issue..

    * Leading indicators up, but employment down...
    * 11 million new jobs in China...
    * Pound sterling gets pounded...
    * A Great Day for EverBank...

    Good day...and happy Friday! It has been a fairly busy week here at EverBank, with the issuance of another big BRIC MarketSafe CD, the maturity of another MarketSafe, and a big acquisition (more on that later). While things were a bit crazy at EverBank, the currency markets were fairly uneventful. The dollar started the day off with a move up after a positive report on US leading indicators, but it gave back most of the gains as the trading day wore on. At the end of the day, only one currency moved more than 1% vs. the greenback, with the pound sterling dropping almost 1.5%.

    ...
  • Dollar rally peters out...

    In This Issue..

    * Dollar rally peters out...
    * Obama defends his policies...
    * Commodity currencies should outperform...
    * Global Power Shift Index...

    Good day... And happy Thursday to everyone! Hope everyone made it through the 'hump day' with no worries. We started the morning here with rainshowers, but it ended up being a beautiful afternoon and evening. Currency markets were similar to the weather here, as most currencies started Wednesday in the loss column vs. the US$, but rallied as the day progressed. The dollar had strengthened over the past couple of days due to 'safe haven' demand; but a surprisingly strong durable goods number (ex autos) combined with an 'all clear' signal from President Barack Obama had investors moving back into riskier assets. The commodity based currencies also got a boost as China signaled it would maintain an accommodative policy, easing speculation that the Bank of China would try to rein in bank lending. Lots to cover today, so lets get right to it....
  • Bernanke sticks to his script...

    In This Issue..

    * Bernanke sticks to the script...
    * Pound sterling comes under pressure...
    * China starts shopping for assets...
    * BRIC MarketSafe lights up the phones...

    Good day... We had a very busy day on the desk yesterday, as our newest MarketSafe offering, based on the BRIC currencies, is making the phones ring off the hook. But while we were busy, the currency traders had another slow day as the dollar just drifted throughout the day. The return chart for the last 24 hours shows only one currency made more than a .5% move vs. the US$; and that was the South African Rand which increased .75%.

    The markets were watching Ben Bernanke's congressional testimony through most of the day, but those waiting for a surprise were disappointed. Bernanke stuck to the script which he had laid out the day before in the Wall Street Journal, and the members of the House Financial Services Committee couldn't get him to commit to any 'new' stimulus programs. Bernanke said the economy is showing 'tentative signs of stabilization' but the central bank intends to continue to maintain its 'highly accommodative' monetary policy for 'an extended period'. He indicated that the Fed stands ready to tighten policy, but only after the economic recovery takes hold and pressures holding down inflation diminish....
  • Gold Ends The Week Strong!

    * The dollar continues to rally... * No risk takers to be found... * Simply awful data yesterday... * Gold continues its rally... ** Gold Ends The Week Strong! Good day... And a Happy Friday to one and all! A Fantastico Friday for me, as it was a Tub Thumpin' Thursday as well! You see, I got the results of my latest scans yesterday afternoon, and my oncologist is thrilled! (as I too am!) This marks 1 year of clean scans, and if it weren't for this rogue metastasis in my left eye, it would be all seashells and balloons! I go on Monday to see if the blood clot that has made things difficult for me for 15 months now, has finally dissolved. If so, there's another biggie off my list! I have to personally thank God, who has chosen to cure me, and it's probably a result of all you wonderful readers that have sent along good wishes and prayers... I also thank my family for their support, and my doctors who have never once not taken the aggressive course to getting me well......