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  • Eurozone Confidence Rises...

    In This Issue..

    * Currencies rally
    * German unemployment drops...
    * RBNZ hikes rates 25 BPS...
    * CBO & the inconvenient debt...

    Good day... And a Tub Thumpin' Thursday to you! They figured it out! Finally! And in time I might add, given we hook our camper up to my vehicle on Sunday! In the end... The guy at the auto shop said, 'if we would have only listened to what you were telling us'... I said, 'yes, eventually, everyone realizes that!' HAHAHAHAHAHAHA!

    OK... Front and Center this morning, I have to tell you that we've had a HUGE currency rally overnight, and the rally still has legs through the European session, for, I've seen the euro inch higher as I booted up my computer! What's got the currencies, led by the Big Dog, euro, so wound up this morning? Ahhh grasshopper... Come, sit, and let me tell you the story of an ancient warrior, no wait, let me tell you about the rally!...
  • Waiting On The RBNZ...

    In This Issue..

    * Currencies trade in a tight range...
    * Fed to keep rates unchanged till 2011?
    * Brazil GDP soars 9%!
    * Another glut of Treasuries to auction...

    Good day... And a Wonderful Wednesday to you! I had a first today on the way to work... I hit every green light! Now... I'm sure you are wondering why I would even have green lights at this hour of the morning... Me too! But they are there! And it was smooth sailing into work today... YAHOO!

    OK... Let's get serious, serious... The currencies traded in a tight range yesterday, with a brief mini-rally in euros, as the single unit rallied to 1.20, but that was short-lived. The rumor going around was that the Swiss National Bank (SNB) was intervening...

    ...
  • Risk Aversion Is Back!

    In This Issue..

    * Euro bashing is back!
    * Canadian GDP jumps to 6.1%!
    * RBA keeps rates unchanged
    * 7-U.S. cities have 'junk debt'...

    Good day... And a Terrific Tuesday to you! And welcome to June! As Pfennig tradition would have it... June is busting out all over, all over the meadows and the hill! Buds're bustin' outta bushes, And the rompin' river pushes, Ev'ry little wheel that wheels beside the mill! And you thought I was just a 'rock-n-roller!'

    Well... Yesterday while we were honoring the fallen soldiers of today and yesteryear, the Europeans were knocking the stuffing out of the euro once again... This time, it was a story that spread like wildfire regarding the Eurozone economy not being able to have strong growth, because of all their austerity measures... Now... Come on boys! First you slam the euro's fingers in the door (OUCH!) for not cutting deficit spending in a few countries, and when they do show a willingness to cut deficit spending, you the ruler out and smack the euro right across the wrist!

    ...
  • Hitting Parity!

    In This Issue..

    * BOC removes the interest rate governor...
    * The loonie passes parity...
    * Euro succumbs to renewed Greek pressure...
    * RBI raises interest rates!

    Good day... And a Wonderful Wednesday to you! Who's that? Who's that writing the Pfennig this morning? Well... It's our old Pfennig writer himself! I thought I would give this a try to see how it feels to concentrate and write... So... Here I am!

    Hello everyone! I want to start today with a great big THANK YOU to everyone that sent along prayers, thoughts, good wishes, and everything else to me last week... Yes, it's me! I'm going to take a stab at writing again after two weeks... It's been a turn on Mr. Toad's Wild Ride the past two weeks, but I'm here... I'm out of cancer pain... And... Ready for life's next fork in the road....
  • 3rd QTR GDP To Lift Our Spirits?

    In This Issue..

    * Currencies rebound a bit VS the dollar..
    * Bill Gross on the dollar...
    * Norway raises rates!
    * RBNZ lifts easing bias!

    Good day... And a Thunderin' Thursday to you once again! It's not raining at the moment, but rain is forecast for today, thus the Thunderin' Thursday name! Rain today, tomorrow and who knows when it will stop... I'm thinking of buying the blueprints to build an Ark!

    Front and Center this morning, we have the non-dollar currencies showing some healing as stock futures are positive. What's driving this new found positive feeling in the risk assets? Well, it's all about the first reading of 3rd QTR GDP today, which... Is expected to show that the U.S. economy came out of the recession in the quarter. Of course, I'll be looking for the Gov't spending portion of the GDP, but other media outlets won't, and the markets will get back to looking for higher yields, which you can not get in the U.S.!

    ...
  • Riksbank Holds Off On QE...

    In This Issue..

    * Currencies trade in a tight range...
    * German Investor Confidence rises!
    * Thoughts from Jim Rogers...
    * Kohn on the economy...

    Good day... And a Terrific Tuesday to you! I'm staring at all this white space on the Pfennig template, and I absolutely drew a blank... I couldn't think of, or can't think of a thing to say! Whoa there partner! That can't happen! There's got to be something, anything, to talk about... OK! I'm back now, I really have no idea where that was going, it was an out of body experience! HAHAHAHA!

    OK... The currencies traded in a very tight range yesterday, after the dollar had ambushed them on Friday and in the Sunday night trading sessions. It's been a week since we saw currency strength, other than Japanese yen. So, we should be due for a bounce. There continues to be more whispering about the eventual dollar weakness, but for now, it's not enough to get us back to where the dollar should be trading on a fundamentals basis....
  • GDP Goes Negative...

    * Currency rally fizzles out... * Bank of Japan cuts rates... * Tracking David Walker... * A major shift change on spending... ** GDP Goes Negative... Good day... And a Happy Friday to one and all! A Happy Halloween Friday to boot! Boy, to be a kid again, and have what is forecast as a 70 degree day on a Friday for Halloween! We've been so busy at the Butler house that we didn't even decorate our front yard with Halloween stuff this year. UGH! But, that's OK, I guess, Alex is older now, and little Delaney Grace would probably freak out with the ghost that would fly across the front of our house, etc. Well... The fog that was lifted from the markets came back with a vengeance yesterday, and once again it was the deep, dark, dangerous U.S. economy leading the charge. 3rd QTR GDP printed yesterday and even though it was forecast to be negative, when it actually printed negative, the trading theme returned. 3rd QTR GDP goes negative (and if you throw in inflation for good measure growth was REALLY negative!) and the dollar rallies... It's the trading theme of the decade! (Ok, I exaggerate a bit there, as it has only been in place for 3 months now!)...
  • Senate Passes The Bailout Package!

    * Euro falls to 1-year low.... * Bailing out foreign investors? * O'Neill has a better plan... * ISM collapses! But the dollar rallies... ** Senate Passes The Bailout Package! Good day... And a Tub Thumpin' Thursday to you! Rocktober started off with a bang for the dollar, as the green/peachback continued to gain VS the euro and other currencies, pushing the euro to a one-year low VS the dollar. We all sat here and shook our heads in disbelief yesterday, as the U.S. ISM Index (manufacturing) collapsed in September, but the dollar rallied anyway. The ISM Index fell from 49 to 43.5, the lowest print since Rocktober 2001, which happened to be near the end of the 2001 recession and right after the awful period following 9/11. So... To me... This really paints the recession picture clear and bright for all to see... So, why did the dollar rally with this albatross around its neck?...
  • The Fed Follows Through...

    * Fed follows through... * GDP holds positive... * BOJ keeps rates unchanged... * Gold continues to drop......