Browse by Tags

Daily Pfennig

Blog Subscription Form

  • Email Notifications
    Go

Archives

  • 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 consumer confidence on the rise...

    In This Issue..

    * US consumer confidence on the rise...
    * Improved labor markets could bring higher US rates...
    * Norway has a good day...
    * Frank heads to Vancouver and begins his blog...

    Good day, the last day of March is finally here. March was a good month, but I like the sound of April as it brings us warmer weather and the opening day of the baseball season. While there was a lot of talk about the fall of the Euro during the past month, March actually turned out to be a good month for currency investors. The Euro was down slightly (.58% v.s the US$) but it was only one of 4 currencies which dropped vs. the dollar. The biggest loser in March was the Japanese yen, which was down 4.52%; but none of the other 4 currencies were down more than .6%. The top performers were the high yielders of the South African rand and Mexican Peso, both of which were over 3% higher vs. the US$ during past month. March was also a good month for the commodity based currencies of Canada, Australia, and New Zealand.

    ...
  • A 34 Billion Euros Package For Greece!

    In This Issue..

    * Currencies trade up, then back down...
    * RBA to hike rates this week?
    * Jamie Dimon on California VS Greece...
    * Fannie needs another $15 Billion!

    Good day... And a Marvelous Monday to you! And Welcome to March! My fave month! Yes, it's me this morning... You were under the impression that it would be Chris this morning, and back to me tomorrow... But here I am... I'll rock you like a hurricane! HA! Chris had some fatherly duties this morning, so I took the conn back one day early... I'll still rest today after a long, difficult week last week in Scottsdale, and will be back in the saddle tomorrow, as planned.

    Well... What have we here? News broke on this past Saturday, that a package of 30 Billion euros was going to be provided to Greece from German and French state banks, and investors... The amount then turned to $34 Billion... Now... You know me... And I'm not in favor of 'bail outs'... Throwing good money at bad... And all that, but... This looks like it's what the markets wanted to see, for the currencies, especially the higher yielding currencies are receiving a bias to buy this morning...

    ...
  • The tight ranges continue...

    In This Issue..

    * Dollar drifts higher...
    * Bernanke to testify...
    * Commodity currencies battle back...
    * David Galland on NABE's growth predictions...

    Good day... And a welcome to a Wonderful Wednesday! Chuck is headed down to sunny Scottsdale today, so I will have the con on the Pfennig for the rest of the week. Hopefully the markets will provide me some pfodder for the pfennig, as it can be a struggle to find things to write about when the markets aren't moving much.

    That has been the case with the currency markets over the past few days, as the dollar has been trading in a fairly tight range. It felt like the dollar had the possibility to break out of this range yesterday, as we got a couple of different reports which looked to push the dollar higher...
  • Weekly Job Losses Continue To Pile Up!

    In This Issue..

    * Back to the 'safe haven' trades...
    * The dollar hammers the euro!
    * It's a Jobs Jamboree Friday!
    * The SNB sells francs...

    Good day... And a Happy Friday to one and all! It's a draggin' the line Friday for me, but I'll make every attempt to turn it into a Fantastico Friday for sure! The Big Stock Sell off that I've warned about since probably June of last year, looks like it has finally arrived... Bringing with it, my biggest fears, that the link between all the risk assets, had not been broken completely, and this link has turned into a bloodletting on currencies and commodities...

    OK... So I got that out of the way, front and center this morning! You know... Ever since I began writing about a Big stock sell off, I told you that, should the link remain in place, and the currencies and commodities have adverse reactions, then we would come to the fork in the road... The people that bought currencies and commodities to keep up with their neighbors, in hopes of being able to brag about their returns at the next bar-b-que, will panic and sell, making the sell off even worse... The people that bought these risk assets for the 'right reason', which was to diversify their investment portfolios, so that not all their investments were denominated in dollars, and to provide a hedge against further potential losses by the dollar, and to reduce their overall risk for their investment portfolio, will just batten down the hatches, hunker down, and ride this out... And... If any thing, look to pick up more of these risk assets at cheaper levels as we go along......
  • 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....