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  • S&P Downgrades Spain 2-Notches!

    In This Issue.

    * Spanish downgrade pushes euro lower.

    * But Italian auction allows euro to recover.

    * Aussie employment beats the estimates!

    * BRICS to create a reserves pool.

    ...
  • A fundamental shift in currency strategy.

    In This Issue..

    * Dollar no longer being bought as safe haven...
    * Jobs data in the US will disappoint...
    * Canadian dollar gets the green light...
    * Aussie up, Kiwi down...


    Good day... Friday is finally here. This has been a pretty busy week, and from the looks of things, today is going to be just as busy. The news wires are full of stories this morning, and today is what Chuck calls 'Jobs Jamboree Friday' so we can expect some good volatility in the markets. Lots to get to this morning, so let me get right to it.

    The weekly jobs numbers released yesterday morning showed 25k more people signed up for unemployment last week than the week prior. The number of continuing claims declined slightly, but remains above 4.5 million. The data confirms what everyone outside of CNBC has been saying for quite a while, this is a 'jobless recovery' (if you can even call it a recovery!). What growth we have had has been spurred by government spending, the private sector just isn't expanding, and won't probably expand for some time....
  • Retail Sales Disappoint! – 7/15/10

    In This Issue..

    * China's GDP moderates...
    * Spain has successful bond auction...
    * Fed's FOMC minutes disappoint...
    * euro returns to 1.28!

    Good day... And a Tub Thumpin' Thursday to you! It's July the 15th, so the month is already half-over... Unbelievable! Day 80-something with the Oil leak... I know the Russian scientists' claims about the Gulf sea bed being damaged are pretty scary and unfounded at this point, but, when the plans to put a cap on the well get delayed, you have to wonder a bit, eh?

    OK... No need to spend a day on that! Hey! The currencies are in rally mode again this morning, after a strong, but not a as strong GDP report from China last night. Chinese 2nd QTR GDP printed at 10.3%, which is quite a drop from the 11.9% they printed in the 1st QTR of this year... But, I've got two things to say about this......
  • The Big Dog Gets Off The Porch!

    In This Issue..

    * Good Spanish auction fuels a euro rally...
    * SNB leaves out important words...
    * Deflation disappears in Switzerland...
    * U.S. Housing Starts drop -10%!

    Good day... And a Tub Thumpin' Thursday to you! I was reading my friend David Galland's letter the other day, and learned that he, like me, was dealing with his wife being gone for the week... I think I have an advantage on him though, as he has little ones at home... My little buddy Alex, has been hanging out with his older brother, Andrew, so I've been... All by myself... (what a great song by Nilsson)

    OK... Yesterday, I told you how the currency rally had the brakes applied by a return to the European Debt Crisis focus... Yesterday's trading was different though. It was, as if, traders never heard that the U.S. and the IMF were putting together a line of credit for Spain, for they began marking up the euro, and selling dollars, as if it June of 2009! (you may recall that in June, last year, the dollar was on the slippery slope once again)...