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  • 110 Billion euros For Greece...

    In This Issue..

    * Aid Package for Greece is approved...
    * Aussie Gov't proposes a 40% mining profit tax!
    * ANZ Commodity Price Index rises 14th consecutive month!
    * Jobs reports this week...

    Good day... And a Marvelous Monday to you! Well... I'm back in the saddle today... It's been a long time, now, I'm coming back home. I've been away now, oh how, I'm coming home! Yes... I'm actually here, at my desk, and I'm not squinting, I'm not closing my eyes, and I'm not in pain! YAHOO! I've decided to go 'patchless' for now at least... More later on what's going on with the removed eye...

    Front and center this morning... Greece accepted the bail out terms from the Eurozone yesterday, and Germany says that Greece should have their funds by Friday... After months of hemming and hawing about whether Greece should receive funds, or whether or not Germany would actually release funds to Greece, it looks as though it's all coming to an end.... For now!...
  • Counting Flowers On The Wall...

    In This Issue..

    * A non-movement day in currencies...
    * Euro gets hit again by Greek debt levels...
    * Asia is bellwether for global growth...
    * Gold rallies!

    Good day... And a Thunderin' Thursday to you! I hear that the "rains" are coming today, and will be around until next Tuesday! We'll be water logged, eh? I want to thank everyone who sent along the 'welcome back' notes yesterday. I need to make something clear... I'm not at the office... Not yet, they won't let me... So, I'm writing from home, and I have to pat myself on the back because I didn't complain one iota about writing from home yesterday! HA!

    Talk about counting flowers on the wall, playing solitaire till dawn with a deck of 51, and all those other things that fall under the category of being bored, and dull... That was the day in currencies yesterday......
  • An update on Chuck...

    In This Issue..

    * An update on Chuck...
    * Greek crisis continues to weigh on the euro...
    * US data is mixed...
    * Rand sells off due to new market rules...

    Good day, I am going to start right out this morning with an update from Chuck Butler, as he got some pretty big news yesterday and wanted me to share the following with you.

    To my dear readers and friends...

    About the time you receive this Pfennig and read it, I will be heading to the hospital, to have my left eye removed. There's nothing they can do to save the vision any longer, and since it has cancer, and is causing me so much pain, this is the only option left. I could go into all the medical descriptions of what happened, but it doesn't matter any longer. All I ask is that you all say a quick prayer for me, and my surgeon.

    I believe I will bounce back from this quickly, and with new vigor, for I no longer will have the cancer pain in my eye. So... On this Fantastico Friday, let's get this done, and over with, and begin to live pain free! Onward and Upward!...
  • US data fails to move the markets...

    In This Issue..

    * US data fails to move the markets...
    * EU split on Greek bailout...
    * Rogers is a seller of pounds...
    * Goldman says the renminbi is fairly valued...

    Good day... It is Friday and the end of what seems like a long week for yours truly. While I have enjoyed my time in Florida, I look forward to be able to sit down at my desk to write Monday morning instead of dealing with intermittent access to the internet and a slight lack of market information. You can get the data just fine on the road, but you miss out on the 'feel' of the markets when you aren't on the desk.

    But luckily for me, economic data is what ruled the markets yesterday. We had a plethora of data released in the US, but the markets seemed to be focused on the release of CPI and the weekly jobs numbers. CPI led off Thursday morning's data showing prices in the US were unchanged for the month in February from the .2% gains we saw at the start of the year. The core number was up .1% offsetting a .1% dip in January. The YOY (year on year)number showed a drop in the inflation rate to 2.2% from 2.7%. We all know how manipulated this data is, and our friends over at ShadowStats reported the non-seasonally adjusted number was actually just over 5%, which is certainly more realistic. But while this number is higher than the 'official' number, it showed a similar decline; diffusing a rumor which swirled around the markets yesterday afternoon.

    ...
  • Merkel throws Greece under the bus...

    In This Issue..

    * Merkel throws Greece under the bus...
    * Canadian dollar moves higher...
    * China policy causes carry reversal...
    * Jobs data to move the markets...

    Good day... And good morning to all of you. I arrived in the 'sunshine' state only to find rain and cold. It is actually a bit colder here than back home in St. Louis, but the trip down went well, I got to do my run on the beach, and I had a great dinner with a large group of EverBankers last night; so I'm not going to let the weather get me down.

    The German's broke rank with the rest of the EU and suggested Greece should turn to the IMF for support. The euro had rallied over the past couple of days after it seemed the EU finance ministers had agreed on a loan facility to back the Greek government. But Germany's Angela Merkel threw a cat among the pigeons today when she said Greece should not look to the EU but should turn to the IMF if it needs aid. So traders immediately started selling the euro again as the black cloud of a possible Greek default fell hung back over the market....
  • Big Ben Talks Rate Hikes...

    In This Issue..

    * Currencies trade in a very tight range...
    * Aussie job creation soars!
    * Oil pushes loonies higher...
    * The Mogambo Guru returns!

    Good day... And a Tub Thumpin' Thursday to you! Well... It's a BIG night at the Butler house... Not really at our house, but more the Fabulous Fox! My little buddy Alex, and the jazz band he plays guitar for, will be performing tonight at the Fabulous Fox, which for those of you not familiar with the Fox, it's a beautiful refurbished theater here in St. Louis... Alex also has a big guitar solo, so this should be good!

    OK... Well, the 'experts' that thought the Trade Deficit was going to narrow in December got their lunch handed to them yesterday, when not only did the Trade Deficit NOT narrow, but widened from $35 Billion to $40 Billion! Now that stinks! And... I'll tell you right now, it will deduct from the 5.7% GDP figure that was printed a couple of weeks ago. Yes, this increase in the Trade Deficit will probably reduce the GDP figure to at least 5%...

    ...
  • 3 Million Foreclosures Forecast For 2010!

    In This Issue..

    * Dollar is in the drivers seat on rate forecasts...
    * And I'll debunk those forecasts!
    * Bernanke gets re-confirmed...
    * The PPT revisited...

    Good day... And a Happy Friday to one and all! A Fabulous Friday in my book so far... The wind is blowing so hard outside that the door to the building wouldn't open for it was opening against the wind! Have I told you all recently how much I dislike cold weather? I gotta go where it's warm! And... Hopefully I will next week, when I head to Orlando for the Money Show... Last year, it was cold there too, so I was very disappointed! But back in the day when Alex was young, we used to go early, and spend a few days at Disney World, we always had warm weather then...

    OK... Another day, another day of listening to dolts talk about rate hikes coming in the near future for the U.S. I'm going to go into the reasons, and please notice, I have an "s" at the end of reason, in a bit, for why I think these people are showing their doltness...

    ...
  • Back To the Greece Debacle...

    In This Issue..

    * The dollar rallies overnight...
    * Gold loses $10...
    * Retail Sales for December are negative!
    * Chinese games with the renminbi continue...

    Good day... And a Happy Friday to one and all! I said on the way to work, as I hit each stop light on green, that it was going to be a Fantastico Friday! I mean, why not? 1. it's a Friday, 2. it's a payday Friday, 3. it's the start of a 3-day Holiday weekend! Shoot Rudy, I thought to myself, as I drove to work, 'nothing can spoil this day'...

    But... Then I got to work, turned on the currency screens, and it hit me like a slap in the face! The euro has led the non-dollar currencies down VS the dollar overnight... After spending 3 days this week, hovering back and forth over and under the 1.45 handle, the euro finally succumbed to some selling......