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  • A Jobs Jamboree Friday – 6/4/2010

    In This Issue..

    * Euro gets beaten down again...
    * Why should we do anything now?
    * Brazil keeping inflation away...
    * ADP says 55,000 jobs created in May...

    Good day... And a Happy Friday to one and all! I suspect this will end up being a Fantastico Friday, but right now, not so much... Today is the Big Jobs Jamboree, and the cable news stations are spinning it quite nicely. So nicely put that stock jockeys are believing the spin and running stock futures higher. I've got that to talk about today, and more debt stuff... Believe me dear reader, I wish I didn't have to talk about this debt stuff, but I feel as though me and a few of my friends are the only ones doing so, and I don't want you to become like the rest of the country and become 'comfortably numb' with the deficit figures!...
  • "Fat Fingers"?

    In This Issue..

    * Euro bounces off lows...
    * Stocks bounce off lows too...
    * Jobs Jamboree Friday!
    * Canada's jobs soar!

    Good day... And a Happy Friday to one and all! A Fantastico Friday for me, as I head to a weekend from work in the first time in a month of Sundays! Big news came across my desk for all us EverBankers and friends... Our Marketing Guru, Jason Coots, saw the delivery of his brand new baby boy yesterday... Welcome Sam Coots!

    OK... Front and Center this morning is all the hootin' and hollerin' about the stock market move yesterday... At one point it was down 1,000 points... That's right, I did not let my 'fat fingers' mess that up... However, someone on Wall Street apparently did, as they meant to enter a trade to sell 'millions' of shares of Procter & Gamble, but entered 'Billions'... That's Billions with a capital 'B', as Ronald Reagan used to say! Upon discovering the 'fat fingers' error order was restored... However, the problem here is that stocks were down BIG TIME before the 'fat fingers' error... It was a bad day a red rock for stocks......
  • Aussie Jobs Soar!

    In This Issue..

    * A back-n-forth day in currencies...
    * Aussies create 3X more jobs than forecast!
    * Euro to remain alternative reserve currency...
    * Brazilian Sov. Wealth Fund achieves weaker real...

    Good day... And a Tub Thumpin' Thursday to you! The daytime temperature reached 49 yesterday... As our little Christine would say... 'get the sharts out!' HAHAHA!

    Today, we're chock-full-o-stuff to look for, starting with a European Central Bank (ECB) meeting, and going through the morning here in the U.S. there'll be more 'stuff' for us to look for, like Retail Sales, and since it's a Thursday, the Weekly Initial Jobless Claims will also print. The Fed's Beige Book printed yesterday afternoon, and we've got that to discuss this morning too... So, let's get this Tub Thumpin' Thursday going, eh?

    Front and Center this morning... The Australian Jobs report printed yesterday afternoon, and it looks like we'll be able to put another mark in the "pro" column for an Aussie rate hike in Feb... Here's the skinny... Australian employment soared for a 4th straight month, as jobs created were 3 times more than economists estimated! The total jobs created was 35,200, and the jobless rate fell to 5.5% (from 5.6%)...

    ...
  • U.S. Trade Deficit Widens...

    In This Issue..

    * A back-n-forth day in currencies...
    * Canada slips into deficit in trade...
    * Waiting on Aussie jobs data...
    * A story in Business Week, you'll want to read...

    Good day... And a Wonderful Wednesday to you! The 'January Thaw' continues... Hopefully, in time to save the orange trees in Florida! That's all we need right now is to see food prices ratcheting even higher than they already have gone... NOT!

    HEY! Good morning to you! I've had a very typical morning, with no surprises, no scavenger hunts for anything, didn't have to stop on my way in for anything, so, I was feeling pretty good, until I got here, and saw the price of Oil...

    The price of Oil has dropped from $83.18 a week ago, to $79.80 this morning... Why did this spoil my day? Well, like Lloyd Bridges in the Airplane movie, I must have picked a bad day to fill my gas tank, the other day, when Oil was so high!

    ...
  • Thin trading brings tight ranges...

    In This Issue..

    * Thin trading brings tight ranges...
    * Searching for the exits...
    * Mixed data in Europe...
    * Yen and Real make strange bedfellows...

    Good day...We had a pretty quiet 24 hours in the currency markets, with the majors all trading in a very narrow band vs. the US$. We will probably have a few more of these days during the next two weeks, as currency desks are manned by the backups and trading thins out. Many of the institutional investors will be moving to cash in order to preserve gains for their year end statements, and individual investors will have the holidays to take them away from the markets. Occasionally we will get a rogue piece of economic data which shoves the market one way or the other, but we typically won't see any long term positions being put on during the last two weeks of the year....
  • China Grows at +8.9%!

    In This Issue..

    * Currency rally is reversed overnight!
    * Pay Czar dreams...
    * Brazil may reverse capital inflow tax...
    * An Asian Union?

    Good day... And a Thunderin' Thursday to you! It's raining outside, so... It must be a Thursday! Amazing how many Thursdays have seen rain this fall! The ground isn't the only thing that's getting watered down this morning...

    Front and Center this morning, the euro traded well past 1.50 yesterday afternoon, and drug all the other non-dollar currencies higher as the day went on. But overnight, all that giddiness with seeing the euro over 1.50 for the first time since August of 2008 (and then it was on the way down, instead of this time on the way up!), has been watered down......
  • Jobs Disappoint...

    In This Issue..

    * September job losses soar to 263,000...
    * G-7 does not make statement on currencies...
    * RBA meets tonight...
    * India & Brazil pull the right strings...

    Good day... And a Marvelous Monday to you! The Regular Season for Baseball is over, except... The Tigers and Twins have to play a one-game playoff today! Talk about exciting! And that's just to see who gets to go the playoffs!

    Well... Friday's Jobs Jamboree did disappoint as I had the feeling they would, printing a disappointing -263,000 jobs lost in September. The Unemployment Rate also rose to 9.8%... Now we all know that when all the people that are truly unemployed are counted, that the Unemployment Rate goes to 16%, but the Bureau of Labor Statistics (BLS) will have none of that so-called counting ACTUAL Unemployed people!...
  • A Big Jobs Surprise!

    In This Issue..

    * Low yielding currencies get sold...
    * High yielding currencies remain solid...
    * Further info on the inflation indexed bonds...
    * Stealth QE...

    Good day... And a Marvelous Monday to you! A very nice, but hot weekend here... But hey! It's August, it's supposed to be hot! Friday was an awful day for most of the currencies, and there was a HUGE surprise in the Jobs Jamboree (according to the BLS, of course!)... And, at the end of updates, I've got a story for you about stealth QE, you'll not want to miss a minute of that! So... Let's go!

    Well, Friday's Jobs Jamboree was quite interesting to say the least... I had already told you about the forecasts for a HUGE drop in job losses for July from 467,000 to 325,000... But the number, according to the BLS, was 247,000!!!!!!! Way to Go Corporate America! Geez Louise, I wish it were that full of seashells and balloons! This smells of yesterday's fish folks... OK, let me get this straight... The forecast was for 325,000 job losses, and an unemployment rate of 9.6% (up from 9.5% in June)... And the jobs lost were 247,000, a difference of 78,000, and the unemployment rate fell to 9.4%... So, the BLS is telling me, and you, that 78,000 jobs not being lost, was equal to .2% (9.6 to 9.4)? Come on! I didn't just fall off the turnip truck!...
  • A broken record...

    In This Issue..

    * Mixed bag of housing numbers...
    * Foundation work...
    * High yielders...
    * Commodity currencies again...

    Good day...and a Terrific Thursday to you. As Chris mentioned yesterday, I'll be steering the ship for the next couple of days while both he and Chuck are out so I look forward to being your relief captain. The fall like weather in the middle of summer has continued yet for another day in St. Louis, not that I'm complaining, but that out of the ordinary trend certainly hasn't carried over to the currency markets. In fact, I could probably cut and paste yesterday's Pfennig and you wouldn't miss a thing as the currencies traded in a very tight range, so there wasn't much exciting to report on...Oh well, instead of wasting space, I'll get right to it......
  • Desperately Seeking Yield...

    In This Issue..

    * Currencies rally...
    * More on the BRIC's...
    * New Zealand's GDP contracts..
    * Bernanke gets grilled!

    Good day... And a Happy Friday to one and all! The end of what seemed to be a very long week... The last weekend in June, can you believe that? Next week, we'll be getting ready for the 4th of July celebrations! WOW!

    Well... What a volatile week it has been in the currencies! Up, down, all around, and settling back to levels that we saw before the Fed's FOMC meeting earlier this week. Suddenly, investors are looking for yield again... Looks like they are "Desperately Seeking (not Susan) Yield! And why not? The Fed, and the Bank of Canada (BOC) have come out and said that there will be no interest rate hikes until we've turned quite a few pages on the 2010 calendar....
  • Happy Friday, Here We Go Again!

    In This Issue..

    * Currency rally gets wiped out...
    * Geithner to talk about a strong dollar?
    * Brazil cuts rates!
    * The Fed to control everything? YIKES!

    Good day... And a Happy Friday to one and all! Another seemingly long week for yours truly... Where's a 3-day Holiday weekend when you need one? Have you been following the goings on with the investigation into the Bank of America (BOA) purchase of Merrill Lynch? Whoa, there partner! I thought for sure this would get all swept under the rug, but it's all coming out, every dirty deed! Dirty deeds done dirt cheap!

    Before we get into the goings on there... Let's talk about the currencies and their huge jump yesterday, only to see chicken traders come out of the woodwork overnight to support the dollar going into the G-8 meeting....