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  • Roll call on the desk...

    In This Issue..

    * Roll call on the desk...
    * Markets believe US rates will move higher...
    * Loonie books a gain...
    * AUD$ backs off...

    Good day... The Pfennig inbox was filled with nice notes regarding the Christmas card we sent out yesterday. I want to thank Nicki Storm for taking the picture and creating the card and TJ Wolf for helping to get it sent out. Several of you asked for names to go with the faces, so I will list the names as we appear on the card. The great looking ladies from left to right are Jennifer McLean, Christine Peplow, and Kristin Kuchem. The men from left to right are as follows: Mike Meyer, Ty Keough, Aaron Stevenson, Tim Smith, Chuck Butler, Chris Gaffney, Don Ries, & John Kretchmar. Now you will be able to have a face to put with the voice on the other end of the line when calling the trading desk....
  • 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)...
  • Dollar drifts lower....

    In This Issue...

    * Dollar drifts lower...
    * Looking for silver linings...
    * NOK to increase rates...
    * Aussie dollar continues to move up...

    Good day... And good morning to everyone. I wanted to start out this morning's Pfennig by saying my thoughts and prayers go out to all of the families of the fallen soldiers and civilian at the tragedy down at Ft. Hood. It is tough enough when we here about losses of our soldiers overseas in the 'combat zones'; but such a large loss of life right here in the US is deeply saddening.

    The dollar moved lower throughout the trading day on Thursday as investors felt more confident with the global recovery and the US stock market climbed back above 10,000. Yesterday's weekly jobs numbers were slightly better than expected, and set the market up for this mornings monthly jobs report which will probably show fewer job losses in October compared to September. But there will still be job losses, not gains; and the 'official' unemployment number will inch closer to double digits. We all know if you count those individuals who are underemployed (part time workers who would like full time jobs) and those that have given up on their job search, the actual unemployment number is more like 16%....