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  • Markets wait for direction from the Fed...

    In This Issue.

    * Waiting on the Fed...

    * Consumer confidence falls in the US...

    * Euro area looks to be emerging from recession...

    * Chinese incomes rise...

    ...
  • A Good Time For Gold & Silver.

    In This Issue.

    * Greek protests remind markets of problems.

    * Swedish Industrial Production is strong.

    * Aussie Consumer Confidence bounces.

    * CFTC to appeal judge's ruling on position limits.

    ...
  • Stock markets are up, causing investors to exit their safe havens...

    In This Issue.

    * Stock markets rebound and send the $ lower...

    * Jobs data is positive, but consumer confidence is lower...

    * A slowdown in France puts more pressure on the euro...

    * India's exports rise 82%...

    ...
  • A Turnaround Tuesday!

    In This Issue.

    * The price of Oil surges higher!

    * Home Prices continue to fall!

    * But Consumer Confidence is strong! Go figure!

    * Japan posts first Trade Deficit in 22 months!

    ...
  • Putting The Doubts To Bed...

    In This Issue.

    * Currencies & Precious metals rally...

    * Strong Aussie Consumer Confidence...

    * Loonie nears parity...

    * A trip back to 1985...

    ...
  • Problems For The Dollar Index...

    In This Issue..

    * Currencies rally back...

    * Swedish krona is top overnight performer...

    * Eurozone Consumer Confidence is firmer...

    * The dollar wins the race to the bottom!

    ...
  • China & Australia Team Up!

    In This Issue..

    * Risk is back ON!

    * Aussie GDP prints strong!

    * Home Prices rise in June...

    * Canadian GDP weakens...

    ...
  • Consumer Confidence Tumbles...

    In This Issue..

    * Currencies range trade
    * Aussie CPI prints soft...
    * RBNZ to hike rates tonight...
    * Oil drop pushes loonies lower...

    Good day... And a Wonderful Wednesday to you! I'm writing from home again this morning, as I have to deal with my car again. They told me it was fixed, I drove it about 10 miles to find out it wasn't! UGH! I must have the guy that failed 'car repairs' 10 times before passing...

    OK... The currency action yesterday was, while range traded, up and down, and all around. Yesterday morning I told you that the euro had broken above 1.30, and I would check it to see how long it remained there... Well, this time it was more than 10 minutes, and the euro rose to 1.3040... But then the rug was pulled from under the single unit, and it was back below 1.30 it went... In fact, it fell to just above 1.29, before then turning around once again and heading higher, eventually ending the day at 1.30....
  • The Euro stays on the move…

    In This Issue..

    * Euro stays on the move...
    * Soros calls for more stimulus spending...
    * Commodity currencies suffer...
    * Cards sweep the Dodgers...

    Good day... And welcome to another week. Chuck is on his way to Vancouver this morning to speak at the big Agora Finanacial Investment Symposium later this week; so I will have the honor of bringing you the Pfennig over the next few days. But fans of Chuck shouldn't get too upset, as he always sends me Pfennig Pfodder from the road. The euro has certainly been on the move lately, and Chuck left me the following before signing off last week:

    Well... Mid-morning last Friday, we saw the rug pulled from under the euro, after the single unit had recovered to 1.30. Yes, the euro traded at 1.30 on Friday morning, but that was before a Consumer Confidence report printed in the U.S. and showed a HUGE drop!...
  • US consumer confidence on the rise...

    In This Issue..

    * US consumer confidence on the rise...
    * Improved labor markets could bring higher US rates...
    * Norway has a good day...
    * Frank heads to Vancouver and begins his blog...

    Good day, the last day of March is finally here. March was a good month, but I like the sound of April as it brings us warmer weather and the opening day of the baseball season. While there was a lot of talk about the fall of the Euro during the past month, March actually turned out to be a good month for currency investors. The Euro was down slightly (.58% v.s the US$) but it was only one of 4 currencies which dropped vs. the dollar. The biggest loser in March was the Japanese yen, which was down 4.52%; but none of the other 4 currencies were down more than .6%. The top performers were the high yielders of the South African rand and Mexican Peso, both of which were over 3% higher vs. the US$ during past month. March was also a good month for the commodity based currencies of Canada, Australia, and New Zealand.

    ...
  • Germany's Merkel gets her way...

    In This Issue..

    * Germany's Merkel gets her way...
    * Confidence in the US ebbs lower...
    * China to stick to renminbi policy...
    * Gold stops sliding...

    Good day, we had another strong day for the dollar yesterday, with the greenback gaining against all of the majors. But overnight, the Asians and then the Europeans sold the dollar and moved money back into the currencies. So after another rollercoaster ride, we are basically right back where we were at this time yesterday morning. These volatile markets are likely to continue, as investors try to figure out if the global economy will recover or if we will slide back into recession. With all of this uncertainty, you would think investors would be moving into 'hard assets': Gold and Silver. But the markets for these two precious metals have been surprisingly quiet this year. More on the metals a bit later, first I will try to figure out these currency markets....
  • 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....
  • German Investor Confidence Fades...

    In This Issue..

    * The dollar rallies on weak German data...
    * Stronger overall data for the U.S. last week...
    * JAL files bankruptcy and yen rallies...
    * Bank of Canada meets today...

    Good day... And a Terrific Tuesday to you! I hope you all had the opportunity to enjoy a 3-day weekend... I realize that not everyone has the opportunity, so I don't want to sound like I'm rubbing it in... It's really foggy outside this morning. I live in a little river town outside of St. Louis, and we get fog there all the time, but once I cross the river, it dissipates quickly... But not this morning, the fog was with me all the way to work! Something right out of an old-time horror movie with Lon Chaney...

    Well... Yesterday, I was doing quite a bit of reading, after suffering 'football overload', which by the way, were not very good games... Sure, good for the winning teams' fans, but I didn't have a dog in any of those fights, so I just wanted to see a good game, only to be disappointed... OK, now back to my reading...

    I was reading a good, thoughtful story about how currency swings could be dying down, as we return to fundamentals... You know, me... I jumped from my chair, and click my heels together in joy! OK, no, I'm not physically able to do that any longer, so I did it in my mind! But a return to fundamentals? I'm all over that like a cheap suit! One of the fundamentals that the story highlighted that would be taken into consideration by traders, would be interest rate differentials... Which, I've always considered to be a strong reason to own a currency, but not the 'end-all'......
  • 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!

    ...
  • Germany & France Post 3rd QTR Growth...

    In This Issue..

    * Risk Aversion fuels dollar rally yesterday...
    * Eurozone growth may stop the Risk Aversion...
    * Budget Deficit is a record $176.4 Billion!
    * Euro, Swiss, Aussie, Norway, all cheaper today!

    Good day... And a Happy Friday to one and all! Let's try to make this a Fantastico Friday as well! The Risk Aversion that was creeping into the currency markets yesterday really took hold in the U.S. trading session, which meant the dollar was being bought once more, along with Japanese yen...

    It just makes me laugh out loud, when I write that the 'safe haven currencies' during Risk Aversion trading are the dollar and yen... These two countries have debt up to their eyeballs, pay no interest on their deposits, and have a leadership deficiency... (ok, before every begins to think that I'm ripping the president again, I'm not... I'm talking about the Central Bank, and lawmakers of each country)...
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