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Daily Pfennig

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Have You Seen This?

  • Eurozone Economy Stumbles, Fumbles...

    In This Issue..

    * Euro gets sold on weak data...
    * China tries to slowdown again...
    * A$'s get slapped on the China slowdown attempt...
    * Retail sales & confidence print today...

    Good day... And a Happy Friday to one and all! A Fabulous Friday, in hopes of becoming a Fantastico Friday! It is a 3-day weekend, and we get paid today, so there are some good steps toward Fantastico... Alex's Fox "gig" went great, he stood up, strong and tall, and ripped off a smokin' guitar solo that lasted about 1-2 minutes... But, it was a very late night for yours truly, and so I'm draggin' the line this morning...

    Front and Center this morning, the non-dollar currencies led by the euro, are sliding against the dollar... Yesterday, the currencies range traded all day, and in the overnight Asian session that pattern remained tight... But in the European session this morning, as Economic growth in the euro zone slowed in the fourth quarter of 2009, as only one of the currency area's four largest economies expanded....
  • On the turning?

    * SNB surprise... * Currencies continue... * Retail Sales... * Recipe for inflation... And Now... Today's Pfennig! On the turning? Good day...And a Fantastic Friday to you. It would be nice to have some of that warm weather they have in Jacksonville make its way north, but hopefully its right around the corner...patience. Yesterday was a wild ride so hopefully you had that seat belt fastened tight and both hands on the wheel. I have a lot to talk about so I'll get right to it... We were greeted yesterday morning with some big news out of Switzerland where they not only cut rates to .25% from .50% but also decided to take matters into their own hands. Chuck sent me some thoughts before he left for vacation, so here you go. 'The Swiss National Bank (SNB) intervened in the markets yesterday with a bang! The SNB sold francs for euros and dollars to further reduce the price of money (since they've already cut interest rates to the bone). Francs went from 86-cents to 84-cents in one day! UGH!'...