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In This Issue.

* Spain's banks need 53 Billion euros.

* China's manufacturing falls just short of 50

* Krona the new franc?

* ECB, BOE, BOJ meet this week.

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In This Issue.

* A late morning rush to sell euros.

* Spain & Italy to auction debt tomorrow.

* China's Trade Surplus narrows slightly.

* The BOC's bunker mentality.

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In This Issue..

* China's GDP moderates...
* Spain has successful bond auction...
* Fed's FOMC minutes disappoint...
* euro returns to 1.28!

Good day... And a Tub Thumpin' Thursday to you! It's July the 15th, so the month is already half-over... Unbelievable! Day 80-something with the Oil leak... I know the Russian scientists' claims about the Gulf sea bed being damaged are pretty scary and unfounded at this point, but, when the plans to put a cap on the well get delayed, you have to wonder a bit, eh?

OK... No need to spend a day on that! Hey! The currencies are in rally mode again this morning, after a strong, but not a as strong GDP report from China last night. Chinese 2nd QTR GDP printed at 10.3%, which is quite a drop from the 11.9% they printed in the 1st QTR of this year... But, I've got two things to say about this......

In This Issue..

* Euro trades in tight range
* Gold hits new all-time high...
* Audit The Fed gets gutted...
* Budget cuts all around, but not here!

Good day... And a Wonderful Wednesday to you! Some wild storms ripped through our area overnight and left a mess! I had to change my route to work 2 times, due to road closures. But, just like the Pony Express... I made it here, and so the Pfennig will go out!

Well... Yesterday was a change in the weather for the currencies, as we saw a very tight trading range with no wild swings up or down, which has been the routine for a month now. The euro traded in a range of 1.2675 to 1.2740, going back and forth all day... This morning, as I turn on the screens, the euro is at the bottom of that range....