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  • US dollar gets sold after Obama warns the nation about default.

    In This Issue.

    * Dollar gets whacked by debt impasse...

    * Aussie dollar rises ...

    * KIWI hits a new high...

    * India raises rates...

    ...
  • Dollar slides as investors move out of 'safe havens'...

    In This Issue.

    * Dollar slides as investors move out of 'safe havens'...

    * Another result of the catastrophe; Japan to sell US treasuries...

    * Swiss franc continues to climb...

    * India increases interest rates...

    ...
  • The US dollar reverses course ...

    In This Issue.

    * Dollar reverses course ...

    * Yen won't copy the '95 increase following Kobe quake ...

    * India's growth to force higher rates? ...

    * Brazil tries to keep a lid on the real ...

    * EU leaders agree on a new and improved bailout ...

    ...
  • Stocks Still Retain Some Pull...

    In This Issue..

    * Profit taking supports the dollar...
    * India posts strong data...
    * Sweden's inflation is above target...
    * Bill Gross, and Puru Saxena on a Tuesday!

    Good day... And a Terrific Tuesday to you! We reached the freezing mark yesterday, YAHOO! The first time this year! OK... So, we've got that going for us, here in St. Louis! A HUGE story going around St. Louis, and the country for that matter, yesterday, regarding the admission by Mark McGwire of taking steroids... Has the town buzzing... What? They didn't already have that Idea before? Hmmm...

    Well, the euphoria around the risk assets of currencies and commodities got watered down as the day went on yesterday, and that continued throughout the overnight and morning sessions in Asia and Europe. The currencies and commodities haven't turned on a dime, they just stopped moving higher VS the dollar... Although, now that I've said that, the euro has dipped below 1.45......
  • Dollar holds onto recent gains...

    In This Issue..

    * Dollar holds onto recent gains...
    * Norwegian krone to move higher in 2010...
    * SNB gives up intervention...
    * India to raise rates...

    Good day...We got the promised 'sprinkling' of snow over the weekend, it was kind of nice and got everyone in the holiday mood. Nothing like the blizzard which hammered the east coast with up to 2 feet of snow! The bad weather in NY will likely make what was already going to be thing currency markets even lighter. The dollar stayed in a fairly tight range on Friday, with the South African rand being the only currency moving more than 1% (it was down 1.1% vs. the US$)....
  • Game off for risk trades...

    In This Issue..

    * Dollar hits 3 month high...
    * Norges bank raises .25%...
    * Fed repeats call to keep rates low...
    * Inflation in India rises...

    Good day...And welcome to Thursday. Chuck started his Christmas vacation, so I have the honor of bringing you the daily missive for the next week or so. The dollar continued to gain strength throughout the day as investors waited on news from the FOMC. Overnight, Greece sustained another rate cut, this time by S&P, which caused investors to move back toward the 'safety' of the US$. The news caused the dollar to rally to a 3 month high vs. the Euro and post gains across the board. The currency markets are becoming a bit volatile again, and much of this volatility can be linked back to the return of a transaction which dominated currency markets over the past decade....
  • Rates To Remain Near Zero...

    In This Issue..

    * Dollar reverses sell-off...
    * BOE & ECB meet today...
    * New Zealand is not Australia...
    * Funny accounting...

    Good day... And a Tub Thumpin' Thursday to you! It's Tub Thumpin' because it's a Thursday and it's not raining! Yay for us! Well... Not only was I wrong, but the Bloomberg Economic Calendar was wrong too... The FOMC was not a 2-day meeting after all! Just one day, so no time to pull out the board games and cards...

    I nailed that FOMC statement yesterday... WOW! You might begin to think that I have some inside info on the Fed Heads, the way I've been able to basically call every move they've made since the beginning of this whole meltdown in August of 2007! But that's not important here... The important thing is that the Fed said that economic growth is not enough to hike rates, and therefore they will keep interest rates at near zero for an 'extended period'...

    ...
  • Throwing A Cat Among The Pigeons Again!

    In This Issue..

    * Russia's Fin Min talks up the dollar!
    * Currencies, commodities, stocks all lose ground...
    * Who's car is uglier
    * Gold hit a 3-week low...

    Good day... And a Marvelous Monday to you! How about that weekend? I actually didn't get a chance to experience much of it outside, but it sure looked great! We have new champions in basketball and hockey, so congrats to the Lakers and Penguins on their Championships! Now, the housecleaning is out of the way... It's time to get to the meat... Where's the beef? HA!...
  • Gold As An Inflation Fighter!

    * BOE to cut rates today... * ECB will wait to cut for now... * Black clouds forming for India? * German factory Orders plunge! ** Gold As An Inflation Fighter! Good day... And a Tub Thumpin' Thursday to you! Day One at the Orlando World Money Show (WMS) went well. My room for the presentation was packed! It was standing room only, and the good part was the fact that there were only about 30 Pfennig readers in the crowd. I say that not because I have something against Pfennig readers, oh Lord, they are dear readers! The reason I say that is I like to know how many of the non-readers I can convert to Pfennig readers!...
  • A New Year!

    * Currencies range trade... * With a bias to buy dollars... * Recession deepens in Eurozone... * India cuts rates... ** A New Year! Good day... Happy New Year! And a Happy Friday to one and all! A Fantastico Friday, I bet it will be, as most people are still on "holiday". I hope your New Year's celebration went well, mine did, spent with good friends, after a simply scrumptious dinner! Yesterday, we spent the day with friends again, as good friend Rick, had everyone and their brother to his new house to celebrate the New Year... I'm worn out! Good thing this is a quick shot work day, and then onto the weekend, because I'm spent! Well, enough of all that! The currencies traded in a very tight range on Wednesday, and I expect more of that today. The bias has been to buy dollars going into the year-end, and it looks as though that might be the case today, as there's been no data to speak of in the U.S., while the Eurozone printed a very weak manufacturing index report, indicating that the Eurozone's recession is deepening. Of course if we compared apples to apples the bias would be to buy euros, but since there hasn't been any "real" economic data in a couple of days from the U.S. this report from the Eurozone gets all the attention....
  • Currency markets stabilize...

    * Currency markets stabilize (for now)... * Data packed holiday shortened week... * China cuts rates... * Indian rupee falls... ** Currency markets stabilize... Good day...The dollar settled in at the slightly higher levels it reached Friday morning and is trading in a narrow range heading into a holiday shortened week. Trade desks across the globe will be mostly staffed by the backups as the big bosses take Christmas week off. Volume will likely be lighter, which can sometimes lead to an increase in volatility. The data calendar is empty today, but chock full tomorrow and Christmas eve. Markets will be closed on Christmas day, and most will be closed again on the day following Christmas (known as boxing day). GDP, Personal Consumption, U of Michigan consume confidence, New Home Sales, Existing Home sales, House price index, Richmond Fed Man. Index, and ABC Consumer confidence numbers will all be released tomorrow. On Christmas eve the US will release MBA Mortgage applications, Personal Income, Personal Spending, PCE deflator, Durable Goods orders, and the weekly jobs numbers will all be released. I told you we will be packing in a weeks worth of data in the next two days!!...
  • Dollar Receives Some Stimulus...

    * Dollar receives some stimulus... * G8 to support $ over the weekend... * India surprises with a rate increase... * BOJ likely to keep rates unchanged... **Dollar receives some stimulus..... Good day... We had a pretty calm day in the markets yesterday as the dollar drifted lower vs. most of the major currencies. But when the Europeans picked up the trading overnight they all but wiped out any advances the currencies had made and the dollar is now sitting slightly higher than it was trading at this time yesterday morning. But I will get to that later; let me start this morning's Pfennig off with some comments Chuck left me on the markets as he signed off his computer last night: "OK... So quite a few of you liked my conspiracy theories yesterday, and even a few had one of their own! This whole mess of Bernanke and Paulson finally sitting up and taking notice in June is just too much for me. I think there's got to be a story here that we don't know about... Yet!...