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  • It’s A Jobs Jamboree Friday for 12/04/2009!

    In This Issue..

    * Commodity Currencies rebound...
    * Gold sees profit taking...
    * Canary in a coal mine...
    * It's Moving Day!

    Good day... And a Happy Friday to one and all! It's Moving Day for us here in the EverBank St. Louis office, as we will pick up our belongings and walk next door, to a larger, space, with some incredible views! We moved into this space 5 years ago, and we've been busting at the seams, with the threads holding on to dear life, for over a year now... So, this move is welcomed. Like I said the other day, in 1999, I sat in an office that we rented from the kind folks at Paylinx, and that was the beginning... From that tiny office to this! WOW!

    ...
  • Heeeeeeee's Baaaaaacccckkkkk...

    In This Issue..

    * A strong currency move on Friday...
    * Data Cupboard gets a work out this week...
    * U.K. and ECB meet this week...
    * RBA to move to neutral tonight?

    Good day... And a Marvelous Monday to you! Heeeeeeee's Baaaaaacccckkkkk... Oh no! Just when you thought it was safe to open the Daily Pfennig and not get lectured on deficit spending... He's back! Oh well, It's been over two weeks, first to Vancouver, then on vacation. We've got a lot of catching up to do, eh? Mike and Chris did a Fantastico job of taking the conn on the Pfennig in my absence... So thanks to them... But it's back to me, and besides a couple of days in San Francisco later this month, I'm all yours! (I bet that just makes you smile like a Cheshire Cat... NOT!)

    OK... Rather than beat around the bush this morning, Chris left me this note from Friday's price action, so let's go to the Friday round up and then onto today! Here's Chris!...
  • More Stimulus On The Way?

    In This Issue..

    * Euro leads currencies higher...
    * Commodities rally back on FOMC thoughts...
    * FOMC meeting today...
    * NZ Consumer Confidence on the rise...

    Good day... And a Wonderful Wednesday to you! Well... Yesterday, the title of The Pfennig was: So Far... It's A Turn Around Tuesday! And... That theme played well throughout the day, and by day's end, it had been quite the Turn Around Tuesday! Now, we have to see what's in store for us today, as the last couple of weeks have seen the Wednesday trading quite the opposite of Tuesday's trading! Strange trading pattern don't you agree?

    Overnight, the euro climbed as high as 1.4140, only to sit at the cusp of 1.41 as I begin to write this morning. Of course 1.41 certainly looks a lot different from the 1.35-1.40 range we've seen in recent days. But then, we've seen these probes above 1.40 before only end with the euro falling back to the 1.35-1.40 range again......
  • Spraying Round-up....

    In This Issue..

    * Industrial Production declines...
    * Stocks sell off, leading currencies down...
    * Indian election spurs a rally...
    * China stockpiles commodities...

    Good day... And a Marvelous Monday to you! Thanks to Chris for picking up the ball on the Pfennig Friday. I returned to St. Louis with a very swollen leg and foot from all that walking in Las Vegas. One of these days I'll learn, eh? Any way... A restful day with my feet up on Friday, and I was ready to go again!

    Well... As much as I dislike having to say so, because I told you this might happen... The currencies have given back some major ground VS the dollar since Friday morning. It's all tied to the fact that the euphoria going around the markets the previous week regarding stocks and the U.S. economy, came to a screeching halt last week. I pleaded and begged for the currencies to break this link to stocks, but it wouldn't / didn't happen and voila! What we have here is a failure to break the link, and now that there's a falling demand for stocks, currencies have tanked too... UGH!...
  • It's All About The Jobs Jamboree...

    * Currencies rally then fall back... * Rate slashers! * Following Japan? Let's hope not! * Canada's woes mount... ** It's All About The Jobs Jamboree... Good day... And a Happy Friday to one and all! A Fantastico Friday! A Jobs Jamboree Friday! Anything else, Chuck? No, I don't think so, I'll stop there... It's all about the Jobs Jamboree today. It's all about finding out just how badly the rot on the labor vine has gotten... The Weekly Initial Jobless Claims, yesterday, remained above 500K per week, which doesn't bode well for next month's data... But first... November's Jobs Jamboree on the docket! The "experts" have forecast a -335K drop in jobs for November... But, your old Pfennig writer believes that this forecast is low. I think it will be closer to -375K... The reason I say that is the employment piece of the ISM report that printed the other day... The employment index of that report showed some real serious rot on the labor vine... I read a report last night, where an economist was attempting to show how the report should read -750K... As bad as -375K is, I don't think the Bureau of Labor Statistics (BLS) would have anything to do with printing a -750K report!...
  • Fed not as hawkish as expected...

    * Fed not as hawkish as expected... * Markets now turn to ECB and BOE... * Canadian dollar slides... * Aussie hit by 1-2 punch.. ** Fed not as hawkish as expected... Good day...I want to start off today's Pfennig by apologizing for those of you who were waiting to receive their Pfennig yesterday. I sent it off at the normal time, but we had some problems with the program which sends it out, so it was delayed in getting delivered. You can always view the current Pfennig at www.dailypfennig.com where we post it first thing in the morning. That website also has archived versions of past pfennigs for your reading pleasure! They tell me the problem has been fixed, so you should get this pfennig right on time. The dollar drifted higher throughout most of the day yesterday as the markets prepared for the FOMC rate announcement. The sentiment driving the dollar higher was that the Fed would sound much more hawkish in order to keep an overall consensus among the FOMC members. Dollar bulls were expecting a signal from Bernanke that an increase in interest rates would be just around the corner. These higher interest rate expectations encouraged traders to take the dollar index back up to just under 74, a level we haven't seen in almost two months....
  • Using Smoke Screens...

    * ISM falls to 2003 levels... * RBA hikes 25 BPS... * Money Supply soars higher! * BOC to cut rates today......