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  • A Jobs Jamboree Friday!

    In This Issue.

    * Euro finishes its rally week on high note.

    * Yen continues to benefit from repatriation.

    * Draghi sounds upbeat.

    * China prepares its curb appeal.

    ...
  • Brazil Drops Tax On Foreign Investment.

    In This Issue.

    * Euro rallies, A$ continues to get whacked.

    * Yen continues to benefit from repatriation.

    * ECB & BOE meet today.

    * China braces for weak exports data.

    ...
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  • China Sneezes, The Rest Of The World Catches A Cold!

    In This Issue.

    * Currency rally, Friday has no oomph.

    * China slow down again.

    * Yen returns to underlying weak trend.

    * Gold is spent by $14 this morning.

    ...
    Filed under: , , ,
  • What Will NY Traders Think Of Currency / Metals Rally?

    In This Issue.

    * Currency / metals trade flat.

    * Yen halts slide. for now.

    * Foreign Investors flock to China.

    * Frank on the Fiscal Cliff.

    ...
  • A Risk Negative Feeling Casts Its Net On The Markets

    In This Issue.

    * Chinese Services falls.

    * Aussie Trade Deficit widens.

    * More on Gold from Bill Gross.

    * Yen begins to weaken again.

    ...
  • G-7 coordinates intervention to push the yen lower...

    In This Issue.

    * G7 coordinates to push yen lower...

    * Swedish krona the biggest winner...

    * Oil is higher and brings the CAD$ with it...

    * China increases reserve requirements...

    * US data shows an economy caught in a rut...

    ...
  • FOMC Minutes Day...

    In This Issue.

    * G-7 squashes currency rally...

    * Yen rallies to below 82!

    * Europe joins U.S. VS China...

    * Who's a Currency Manipulator?

    ...
  • China & Russia Team Up...

    In This Issue..

    * U.S. data is stronger...

    * Loonie rallies on jobs data...

    * krona rallies on IP data...

    * An end to the bond rally?

    ...
  • Moodys Again...

    In This Issue..

    * Currencies are mixed VS dollar...
    * Canadian credit & economy on the mend!
    * China to print a very strong GDP number?
    * Gold is back above $1,200....

    Good day... And a Terrific Tuesday to you! I'm writing from home this morning, because I go back to the Ocularist this morning to have more work done on my new 'eye'... I didn't sleep worth a darn last night, and I think I just had this visit on my mind.

    Well.. Speaking of something on one's mind.. Or, more like a case of too much too little too late, Moodys announced overnight that they were downgrading Portugal's debt rating, 2 levels to A1... I don't want to get started on these ratings agencies again, they have become as useless as a pay toilet in a diarrhea ward! Ok... That probably wasn't too good to start off today's letter with a saying like that, but... It's what my fat fingers typed, so it stays!...
  • Central Banks Diversify...

    In This Issue..

    * Currencies soften VS the dollar...
    * Another look at Canadian job data...
    * China has Super month of exports!
    * Yen gets rocked by Upper House election...

    Good day... And a Marvelous Monday to you! Congratulations to Spain... The fiesta is on in Spain, as their football (soccer to us) team won the World Cup yesterday. Personally, I think Holland, got the bad end of the stick on two calls that would have turned that game their way. But, it was not to be, and Spain hoisted the cup!

    OK... Well, thanks to Chris for taking over the Pfennig on Friday. I was busy with other things for the day. I sent a note to Chris Friday morning about the Canadian Job report, and he replied that he had already written about it! WOW! Quick on the draw! He beat me to the punch... But, the report was so good it's worth talking about some more! Canadian employment skyrocketed again in June rising by 93,200, almost four times the amount expected by forecasters (+20,000). Add this to the 133,000 jobs created in April/May And you've got the ingredients for a strong quarter of job creation! The unemployment rate fell back to 7.9%, lower than forecasts for an 8.1% print.

    ...
  • Now It's Spain...

    In This Issue..

    * Euro drops 2-cents overnight...
    * All Risk is taken off the table today...
    * Geopolitical problems steady Gold...
    * The Budget Cuts just keep coming!

    Good day... And a Terrific Tuesday to you! Well, it was almost a "perfect ride" to work this morning, as I hit all the green lights until the very end! UGH! See, it doesn't take much to make me happy!

    The euro's green light ended last night too, as 'Now It's Spain' (NIS)... As I was packing up to go home yesterday afternoon, the euro had moved beyond 1.24, and I said, 'I wonder what's got the euro so perky this afternoon'... Well, that 'perky' feeling the euro had at that time was wiped out and more by fears that Spain's problems are now going to take center stage... Greece is an afterthought at this point, now it's Spain......
  • The Dollar Rebounds Again...

    In This Issue..

    * Economic data deep sixes currency rally...
    * U.S. Treasury back at the auction window!
    * Yen's rose has faded...
    * Chinese renminbi spikes higher!

    Good day... And a Wonderful Wednesday to you! Not trying to sound like a broken record here, but today is the last Wednesday of 2009... The last 'hump day' and so on... The non-dollar currencies got bushwhacked yesterday by the dollar bulls around mid-day, and there's been no recovery since. The Treasury is back at the auction table, with $32 Billion in 7-year Treasuries for you to buy at the fantabulous yield of.... Drum roll please.... 2.60%! All that and more, so buckle yourself in, and make certain to keep your arms and legs inside the Pfennig at all times during the ride!

    ...
  • A Mixed Bad of Data...

    In This Issue..

    * A Bias to take on risk...
    * China's Factory Output soars!
    * Brazil exports "stuff"!
    * Calling a bottom in Gold...

    Good day... And a Happy Friday to one and all! The 40 mph winds have stopped, which makes the cold a little more bearable... So... With the sun out yesterday, I would have to say that today will be a Fantastico Friday... Our office get together is tonight, should be a good time...

    Well... Yesterday, the non-dollar currencies looked like they were ready to break out of their funk against the dollar, led by the high yielders of Australia, and especially New Zealand... But, that flamed out as the day went on as the data for the U.S. was mixed, and did not give anyone a warm and fuzzy about the general direction of the economy....
  • Protectionism Wars, Here We Come!

    In This Issue..

    * Currencies back off gains...
    * Administration slaps tariff on China...
    * And Yen rallies...
    * Quotes from Davos...

    Good day... And a Marvelous Monday to you! I hope your weekend was grand... I was supposed to be traveling back from Williamsburg today, so this is a bonus day for you all! HA! On Friday morning, I told the early arrivers that the currencies were strong, Gold was strong, it was all good, and we needed to close up shop and go home, because it wasn't going to get an better than that, and that the rest of the day had nothing but disappointment risk! Boy did I nail that one on the head! Let's get to the goings on....
  • Patriot Day...

    In This Issue..

    * Currencies have strong rally!
    * Trade Deficit jumps 16.3% in July!
    * HR 1207 Gets a hearing!
    * Gold gets back to $1,000!

    Good day... And a Happy Friday to one and all! Today is Patriot Day in the U.S. and a day that brings back memories of cowardly attacks on our country 8 years ago. I remember the shock and horror on everyone's faces, and that image will remain with me to the grave. I also remember trying to write the Pfennig the 'day after'... It just didn't seem that important of a thing to do, but a reader told me that to keep things as 'normal' as possible was the best thing I could do... So... I wrote...

    OK... The currencies, and this time I mean the majority of them not just euro and yen, added to their gains this week VS the dollar yesterday... The Big Dog, euro, is once again knocking at the door to 1.46... Who's that knocking at the door, Who's that ringing the bell? Do me a favor, open the door, and let 'em in......