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  • Nearing An Agreement?

    In This Issue.

    * Currencies sell off and then rally back!

    * Greece & private lenders talk again.

    * Commodities take off!

    * Asians are buying their snow tires.

    ...
  • German IFO Remains Strong.

    In This Issue.

    * Most currencies see some healing.

    * Commodities get a vote of confidence.

    * SNB dust off the old thought of intervention.

    * Welcome, Braden Charles Butler.

    ...
  • Dollar slips lower but stays in a tight range...

    In This Issue.

    * Dollar stays in a tight range

    * Global inflation heats up

    * Pound increases as BOE predicts another rate increase

    * Commodities continue to drift higher

    ...
  • McJobs added to Friday's jobs numbers...

    In This Issue.

    * S&P downgrades Greece

    * Readers alert me to the McJobs

    * Norway's krone continues to move higher

    * HSBC sees a continued dollar decline

    * Commodities jump back on the rally train

    ...
  • Time To Celebrate.

    In This Issue.

    * Dollar rallies briefly on OBL news.

    * Big move down is in Silver.

    * Central Bank meetings this week.

    * Commodities are top dog again!

    ...
  • Swiss Franc At All-Time High VS Dollar!

    In This Issue.

    * Bias to sell dollars.

    * Commodities beat stocks & bonds!

    * Delinquent borrowers.

    * Ted Butler on CFTC.

    ...
  • Intervention?

    In This Issue..

    * Euro recovers 2-cents...
    * Gold gets trashed!
    * Questions on China...
    * Counting the deficit correctly...

    Good day... And a Thunderin' Thursday to you! The heavy rain is back! Just in time to ruin my first Cardinals game of the year too! Yes, a day game today, and it's raining... UGH! Oh well, time to start the letter... There are a couple of Big things to talk about today that happened yesterday, so let's get set, ready, go!

    OK... Front and Center this morning, we have the euro's rise yesterday, and Gold's awful performance... Let's go to the euro's rise first...

    The euro did a little magic act yesterday, defying gravity, by rising VS the dollar during the day, while every other currency not called U.S. dollars, Japanese yen, or Chinese renminbi, was getting sold like funnel cakes at a state fair. Does this sound suspicious to you? It did to me... And I told Chris during the day, that it sure looked like European Central Bank (ECB) intervention......
  • Tale of two trading sessions...

    In This Issue..

    * Tale of two trading sessions...
    * Commodities rally overnight...
    * India raises rates, Sweden next?...
    * Happy Birthday Frank...

    Good day, we have had two very different trading sessions in the past 24 hours, with the dollar benefitting from continued worries about Greece and Goldman Sachs in yesterday's US trading session; but Asia saw things a bit differently and started moving money back into 'risk' assets. Early trading in Europe mirrors the moves in Asia, so the dollar is heading lower as I turn the screens on this morning.

    Only one piece of data was released yesterday here in the US, with the Leading Economic Indicators index climbing 1.4%, the most in 10 months. The index beat economists estimates, and February's figure was revised up to .4%. This data indicated the US economy is on track to continue to recover, but the markets seemed to just ignore this data as they focused on the lawsuit against Goldman Sachs....
  • The tight ranges continue...

    In This Issue..

    * Dollar drifts higher...
    * Bernanke to testify...
    * Commodity currencies battle back...
    * David Galland on NABE's growth predictions...

    Good day... And a welcome to a Wonderful Wednesday! Chuck is headed down to sunny Scottsdale today, so I will have the con on the Pfennig for the rest of the week. Hopefully the markets will provide me some pfodder for the pfennig, as it can be a struggle to find things to write about when the markets aren't moving much.

    That has been the case with the currency markets over the past few days, as the dollar has been trading in a fairly tight range. It felt like the dollar had the possibility to break out of this range yesterday, as we got a couple of different reports which looked to push the dollar higher...
  • Jobs Losses Continue...

    In This Issue..

    * The dollar gets sold...
    * China posts strong data...
    * Commodity Currencies & Commodities soar!
    * Dealing with reality...

    Good day... And a Marvelous Monday to you! Are you staying warm? I know it's difficult to do, given the fact that most of the country is in a deep freeze! I checked the weather at my 'fave' spring location, Jupiter Florida, and it was even 'cold' (FOR THEM) there! We're supposed to see some thawing this week, so let's hope that holds true...

    There's some thawing already going on in the currencies and commodities, thanks to a report from China yesterday... So, let's go to the tape and see what's happening this morning!

    The non-dollar currencies and commodities are flying high this morning, hammering the dollar... The Aussie & Canadian dollars are heading to parity once again, the euro is back over the 1.45 handle, and Gold is up $20! It's all good, for non-dollar investors this morning... I don't want to sound like a cheerleader, like I've been accused of being in the past, but, this is a currency / economy letter, and it's geared to non-dollar currency investors... So, take that as it may come......
  • It’s A Jobs Jamboree Friday for 12/04/2009!

    In This Issue..

    * Commodity Currencies rebound...
    * Gold sees profit taking...
    * Canary in a coal mine...
    * It's Moving Day!

    Good day... And a Happy Friday to one and all! It's Moving Day for us here in the EverBank St. Louis office, as we will pick up our belongings and walk next door, to a larger, space, with some incredible views! We moved into this space 5 years ago, and we've been busting at the seams, with the threads holding on to dear life, for over a year now... So, this move is welcomed. Like I said the other day, in 1999, I sat in an office that we rented from the kind folks at Paylinx, and that was the beginning... From that tiny office to this! WOW!

    ...
  • Gold Continues to Soar!

    In This Issue..

    * It's a Risk On Day!
    * Commodity Currencies soar!
    * Norway wants to remove stimulus soon...
    * EX-CBO Director talks about the deficit...

    Good day... And a Marvelous Monday to you! It's Thanksgiving Week! I know I mentioned it was on the horizon about 10 days ago, but now the week is here! I don't know what your plans are for Thanksgiving, but I hope they include giving Thanks for the men and women of the armed forces... You may not agree with their mission, but supporting them with good thoughts shouldn't enter the equation...

    OK... On Friday morning, it was a Risk Off day... But as the day wore on, Risk came back into the currencies.... And today, it's REALLY a Risk On day! Apparently, at some time on Friday, some one with a lick of brains, realized that the Fed is going to keep their stimulus measures, which include near zero interest rates, for some time to come... Why would that deep six the dollar? Ahhh grasshopper, apparently you haven't been paying attention in class! No worries... Here's the skinny...

    ...
  • It's A Risk Off Friday...

    In This Issue..

    * It's a Risk Off day!

    * Commodity Currencies get rocked...

    * Audit the Fed Bill moves along...

    * Just keep spending money we don't have!

    Good day... And a Happy Friday to one and all! A Fantastico Friday in my books, as the people at the Retina Institute told me yesterday that the fluid on my eye was drying up, and almost completely gone. I told them I had not noticed any improvement in vision, and they said, 'at least it hasn't gotten worse!' And for that, I am quite thankful! So... With that news, I head into today, and believe it to be a Fantastico Friday!

    Well... In my hours on hours of waiting for the next person to look at my eye yesterday, (I think it was "train the eye doctor day" on Chuck's eye) I kept checking the currencies, and noticed that as the day went on, the non-dollar currencies were stronger, led by the Big Dog, euro... But then late last night, and I mean late last night, I checked them, and those gains had been wiped out...

    ...
  • Silence Is Always Golden...

    In This Issue..

    * It's a Risk On day!
    * Commodity Currencies have the "stuff"!
    * Gold's one-day window slams shut!
    * RBA to not wait 2 months to hike rates!

    Good day... And a Wonderful Wednesday to you! We're stuck in the mud with the rain again, but according to the weather people it should end tomorrow... Geez Louise, I guess it could be snow, which would have crippled this city by now!

    Well... The currencies gave back all that ground they gained the day before on Mr. Toad's Wild Ride, yesterday... But, have turned around this morning in the European session as Eurozone stocks are up, and whenever equities trade with some zip in their step, it has been good for the Big Dog, euro......
  • Brazil Throws The Cat Among The Pigeons!

    In This Issue..

    * Real leads Commodity Currencies to the woodshed!
    * Niall Ferguson speaks his mind...
    * BOC leaves rates and statement unchanged...
    * Bollard gives the green light!

    Good day... And a Wonderful Wednesday to you! How many people out there know about "network neutrality"? Well, if you don't know, you're about to find out tomorrow, when it will be decided upon... I'm not going to get into it, because after you find out what it is you'll know why I didn't explain... All I'll say is that this is just another thing that's flying below the radar that's about to be thrown in our laps...

    OK... Well... Yesterday, after signing off and hitting the 'send button' for the Pfennig, I saw a story that shot across the desk, and then a follow up was sent to me by Don Ries later in the morning. The story was about the Brazilian Gov't imposing a 2% tax on capital inflows... This was done in an attempt to slow down the Brazilian economy by slowing down the "hot money" that's going into the Brazilian stock market by foreigners... Talk about throwing a cat among the pigeons!...