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  • Anticipation is building...

    In This Issue.

    * Data rich environment

    * India to go backwards

    * A priced in rate cut

    * Second quarter contraction

    ...
    Filed under: , ,
  • Renminbi To Become An International Currency?

    In This Issue..

    * Currencies give back ground overnight...
    * Don't look too closely at U.S. data...
    * India posts strong GDP...
    * Lots O'-data this week!

    Good day... And a Marvelous Monday to you! A Wonderful Weekend was enjoyed by your Pfennig writer, with good friends, and Chamber of Commerce weather, on a beautiful lake! It's back to work today though. I don't understand why I didn't plan on taking today and staying an additional day at that beautiful lake! Oh well... Time to go to work!

    When I signed off on Friday morning, the currencies were enjoying a very nice rally, which remained in place the rest of the day. The Consumer Income and Spending data was very much as I describe it would be, and so there was no surprise for the markets to deal with. You may recall, that I told you that Spending would be greater than Income, as the 'Cars for Clunkers' probably had something to do with the Spending be so much stronger than the Income piece......
  • Holiday pause...

    * US data may wake up the markets... * Toyota reports a loss... * NZD falls, AUD gains... * Will the Rupee shine in 2009?... ** Holiday pause... Good day... The currency markets remained in a tight range through the day yesterday with no movement from the majors currencies vs. the US$. Japan has a public holiday today, so trading this afternoon will be very quiet. Jennifer, who is doing all of our currency trading while Chuck is out, let me know that the trading desks were extremely quiet yesterday afternoon. But the markets may wake up a bit this morning, as we wait for data on 3rd quarter growth in the US. GDP is expected to have fallen .5% in the 3rd quarter, and Personal Consumption is also predicted to have dropped last quarter. Later in the morning we will get reports on the sagging housing market. New home sales and existing home sales are both expected to have dropped slightly during the month of November. And with sales dropping, prices of both existing homes and new homes are also expected to have dropped. Finally, this afternoon we will get the ABC Consumer Confidence number which will likely show another drop in consumer sentiment....