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  • German Bundestag Votes To Expand EFSF.

    In This Issue.

    * Currencies range trade on Wednesday.

    * And then see slippage overnight.

    * U.S. data continues to print soft.

    * Fisher talks about Twist & Shout.

    ...
  • Gold & Silver Get Hammered!

    In This Issue.

    * Currencies range trade.

    * Is there more than free markets going on?

    * Reliving 2001?

    * No new developments in Europe.

    ...
  • G-20's Words Are Just Words.

    In This Issue.

    * Dollar Bulls turn risk meter past Off!

    * Gold & Silver see tons of selling.

    * Fed Inflates the Treasury Bubble further.

    * Brazil's wish comes true!

    ...
  • Downgrade rumors hit France...

    In This Issue.

    * Downgrade focus shifts back to Europe...

    * BOE keeps rates unchanged & cuts growth forecast...

    * China lets Renminbi trade below 6.40...

    * Crude oil jumps 4.5%...

    ...
  • An agreement is likely sometime today.

    In This Issue.

    * An agreement is near...

    * Frank's view from above the fray...

    * Eurobonds a possible solution for Europe???

    * Risk is moving back into the markets...

    ...
  • German IFO Remains Strong.

    In This Issue.

    * Most currencies see some healing.

    * Commodities get a vote of confidence.

    * SNB dust off the old thought of intervention.

    * Welcome, Braden Charles Butler.

    ...
  • European debt problems, again...

    In This Issue.

    * US dollar ruled the day

    * Jobs showed some improvement

    * Portugal's debt

    * It's all about the interest rates

    ...
  • Running Scared...

    In This Issue..

    * Markets think FOMC will do QE soon...

    * Currencies rally along with Gold & Silver...

    * Euro moves through 200-day moving avg.

    * Time for the media to shift focus again?

    ...
  • 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....
  • US housing starts suffer…

    In This Issue..

    * Housing starts suffer...
    * Stressful times in Europe...
    * Aussie dollar moves higher...
    * Canada to raise rates...

    The news which drove the markets yesterday was no big surprise for the desk. Homebuilder confidence here in the US dropped to the lowest level since April 2009 as the homebuyer credits expired. Today we will get additional data on the housing market which is expected to show US housing starts continue to fall while foreclosures climb. While prices steadied over the past couple of months there is still a backlog of homes facing foreclosure which will equate to a very slow recovery for the housing markets. And in the US, as the housing goes so does the economy; so the data is not a good sign for our nascent recovery....
  • The Euro stays on the move…

    In This Issue..

    * Euro stays on the move...
    * Soros calls for more stimulus spending...
    * Commodity currencies suffer...
    * Cards sweep the Dodgers...

    Good day... And welcome to another week. Chuck is on his way to Vancouver this morning to speak at the big Agora Finanacial Investment Symposium later this week; so I will have the honor of bringing you the Pfennig over the next few days. But fans of Chuck shouldn't get too upset, as he always sends me Pfennig Pfodder from the road. The euro has certainly been on the move lately, and Chuck left me the following before signing off last week:

    Well... Mid-morning last Friday, we saw the rug pulled from under the euro, after the single unit had recovered to 1.30. Yes, the euro traded at 1.30 on Friday morning, but that was before a Consumer Confidence report printed in the U.S. and showed a HUGE drop!...
  • Now It's Spain...

    In This Issue..

    * Euro drops 2-cents overnight...
    * All Risk is taken off the table today...
    * Geopolitical problems steady Gold...
    * The Budget Cuts just keep coming!

    Good day... And a Terrific Tuesday to you! Well, it was almost a "perfect ride" to work this morning, as I hit all the green lights until the very end! UGH! See, it doesn't take much to make me happy!

    The euro's green light ended last night too, as 'Now It's Spain' (NIS)... As I was packing up to go home yesterday afternoon, the euro had moved beyond 1.24, and I said, 'I wonder what's got the euro so perky this afternoon'... Well, that 'perky' feeling the euro had at that time was wiped out and more by fears that Spain's problems are now going to take center stage... Greece is an afterthought at this point, now it's Spain......
  • The Euro Short Squeeze Comes To An End...

    In This Issue..

    * Euro drops 2-cents overnight...
    * The Ring of Fire...
    * Euro to be added to Carry Trade?
    * Data Cupboard has housing data this week...

    Good day... And a Marvelous Monday to you! The last week of May! Can you believe that? This weekend is Memorial Day Weekend, and Summer is here! (I know, not officially, but to me, Memorial Day marks the beginning of Summer, and always has!) Summer heat arrived here this weekend... Man, did that hot sun feel good! It was 60 for a high on Thursday, and 90 yesterday... If you don't mind change, then you'll love St. Louis weather!

    Well, the heat returned to the euro overnight... After enjoying a couple of days in the sun, rising from the ashes due to a short squeeze last week, it appears to me as though that sun bathing for the euro is over... Yes, it looks like the selling will return this week, I mean I may only have one eye, but I can see a reversal when there is one! The euro began the overnight sessions climbing to 1.2587, and then turned on a dime! The single unit is now grading below 1.24... Do you see the reversal?...
  • Holding Off The Wolves...

    In This Issue..

    * Euro rallies on aid package announcement...
    * Scandis outperform on the day...
    * Debt clock / bomb begins to tick away...
    * SEC to look at Moody's...

    Good day... And a Marvelous Monday to you! I hope all you Mothers had a Super Sunday, Mother's Day! It was a beautiful day here, for the most part, albeit more chilly than usual for May. It was also a Super Sunday according to the currency markets, for the Eurozone... So... For more of this historic announcement, read on...

    Well, Front and Center this morning, we're seeing some really big moves by the currencies, up and down... The euro has gapped all the way to 1.3094, and then gapped back down to just over 1.30... But still, doesn't that 1.30 look much better compared to last week, when we actually saw a 1.25 handle briefly? So... What put the tiger in the euro's tank this morning?...
  • FOMC Day – 04/28/2010...

    In This Issue..

    * Euro goes into a tailspin...
    * Portugal gets downgraded...
    * Germans talk with IMF today
    * Aussie CPI indicates rate hike...

    Good day... And a Wonderful Wednesday to you... Today marks 1-week since I've been back writing the Pfennig... I simply love writing the Pfennig each day, and boy did I miss it when I was unable to write... Vacation is one thing, those are well deserved breaks, but to not be able to write is another. So... I'm thankful that I'm able to write again...

    Well... The euro went into a tailspin yesterday, and for once it wasn't Greece so much... This time it was a little Greece, and a lot Portugal. The ratings agencies downgraded Greek debt to junk... And they downgraded Portugal's debt from A- to A-2, with a negative outlook. The fear that Greek's debt problems would spread, is coming to fruition... The euro fell to a 1-year low during the day, and the selling didn't stop in the U.S!...