Daily Pfennig » All Tags » Gold » Euro » Dollar ( RSS)

Browse by Tags

Daily Pfennig
Join InvestorsInsight Today!
 
FREE EverBank World Market Report (11-2008)
To download your free report on today's world market, complete the sign up form below.
 
Sign in name:
 
Choose Password:
 
Email Address:
  (your email address is not published)
Allow this site to contact me:
Allow this site's partners to contact me:

Blog Subscription Form

  • Enter Your Email Address:
    SEND

Syndication

Recent Posts

Tags

View more

Archives

  • The Trading Theme Remains In Place...

    * Heeee's Baaaaaacccckkkkk... * Carry Trade Depth... * RBA intervenes... * Oil weighs on the loonie... ** The Trading Theme Remains In Place... Good day... And a Marvelous Monday to you! It's been a long time, now I'm coming back home, I've been away now, oh how, I've been alone... Two weeks gone by the wayside! This Friday is Halloween! WOW! Where did the month go? Airports, hotels, and taxi cabs, that's where! But, I did it... The Currency Tour is finished... Time well spent I might add, but very taxing on me... Of course, my beautiful bride tells me if I were in better shape, it wouldn't be so taxing! Well... As I look at the currency screens this morning, I see that nothing has changed... The Trading theme I left you with is still in place, as the more deeper, darker, dangerous outlook for the U.S. becomes, the more the dollar gets bought... Things look better, and the dollar will get sold... The dollar has become the new Japanese yen!...

  • Who Owes Who?

    * Trading theme pushes yen higher... * Settlement day for Lehman CDO's... * Oil price fall hurts loonies... * Gold climbs back above $900... ** Who Owes Who? Good day... And a Happy Friday to one and all! It certainly doesn't look as though it will be a Fantastico Friday in stocks, as yesterday was a bloodletting, and overnight the Japanese stock market sold off 11%, and Europe is down about 9% at this point. UGH! This is getting quite ugly... But remember what I've been saying this week about the currency trading theme... When things look bleak, the dollar goes up... And when it looks as though all the stimulus might work, the dollar sells off... This has been quite evident in Japanese yen overnight, as stocks sold off 11%, the currency rallied to a 98 handle from 101 yesterday... And... Then in dollar trading, other than yen, the dollar is stronger this morning, pushing the euro back to the 1.35 handle. The high yielders, which enjoyed a day in the sun yesterday before U.S. stocks took a turn on the slippery slope, got whacked hard overnight! UGH!...

  • Coordinated Rate Cuts!

    * Yen trades to 98! * Carry Trades unwinding hurt high yielders... * Gold rallies back to $900! * Central Bank rate cuts.... ** Coordinated Rate Cuts! Good day... And a Wonderful Wednesday to you! Well... There's a ton of stuff to talk about today, one of which is the amazing run that Japanese yen has had in the past month, but particularly the last week! No need to sneak a peak at the currency round-up, Japanese yen is trading 98.80! WOW! I could be acting like a contortionist and trying to slap myself on the back, but that would unprofessional... And besides, the rest of the currencies are taking shots to the mid-section. Anyway... Blow the horn, the Carry Trade (for yen) is dead, may it rest in peace! OK... The currencies tried like all get out yesterday to rally VS the dollar, the euro did end the day 1% higher on the day, which after the bloodshed of the past month, I'll take that any old time! I would love to go back to 2005 (not really, but for this conversation's sake I will) and pull out some old Pfennigs where I talked about all the naysayers talking about a break up of the euro... We had the NO votes from France and Denmark on accepting the European Union's (EU) Constitution, we had riots in the streets of France, we had rising interest rates in the U.S. and dozens and dozens of naysayers called out the euro and said it would collapse under the weight. I said then, and I'll say now... HOGWASH!...

  • The Bailout Lives!

    * The Senate to the rescue? * Dollar rallies big time... * Rumor day... * Consumer Confidence stronger? ** The Bailout Lives! Good day... And a Wonderful Wednesday to you! Welcome to October! Or as we say in St. Louis... Rocktober! September went by in a flash, let's hope Rocktober slows down a bit! Well... Monday we had carnage in stocks, and yesterday in currencies, while stocks rebounded. What a difference a day makes! On Monday, the House voted down the Bailout package (doesn't it just get your goat that it's still being referred to as the "rescue plan"?), and yesterday, seeing the collateral damage caused by the "no" vote, Congress decided to try and rescue the bailout plan....

  • King Henry Was Wrong Again!

    * Bailout package is voted down! * Biggest one day point drop for the DOW! * Dollar rallies hard... * Carry trades unwind... Again! ** King Henry Was Wrong Again! Good day... And a Terrific Tuesday to you! Well... Guess who was wrong AGAIN! That's right, King Henry Paulson, he of the U.S. Treasury Sec. throne... He told the world on Friday, that the bailout package was a "done deal"... And he told us again on Sunday that it was a "done deal"... The markets rejoiced, the stock jockeys danced in the streets, the karma flowed and all the stars were in alignment... And then... A (not so) funny thing happened on the way to the forum... King Henry's men revolted, and the bailout package did NOT have the votes to pass it, and the "done deal" was "undone"! Once again this man has led investors down the wrong path. I've documented the wrong statements by this man in the past year, and still, investors hang on every word by King Henry... When will they ever learn? When, will, they, ev-er learn?...

  • Some Healing...

    * largest one-day move up in the euro! * largest one-day move up in Oil! * Gold and Silver rebound! * Renminbi finally moves! ** Some Healing... Good day... And a Terrific Tuesday to you! I heard from one of my two sisters that live in the Houston area yesterday. They rode out the Hurricane together, have some damage to her house, and is still without electricity. I can't imagine what that's all like. But they are both safe at that's what's important at this point. Well... The euro had it's largest one-day move upward VS the dollar since its inception in 1999, yesterday... We've seen some profit taking in the overnight markets, but just for good measure... I think it appropriate to show that the euro reached 1.48 yesterday... That was a 3.5 euro move, and after falling to a low of 1.3869 on 9/12 (before bouncing big that day), the euro has now recovered about 7%... I would call that "some healing"......

  • Goldman and Morgan Stanley Are Now Banks!

    * Currencies see some healing... * $1 Trillion and counting... * Gold and Silver rebound! * The Currency Capitalist... ** Goldman and Morgan Stanley Are Now Banks! Good day... And a Marvelous Monday to you! Someone along the road last week stopped by to tell me that I was too "Cheery" each morning with my salutations! He laughed, because of course he was kidding... But as I told him... If you're told what I was told last summer, each and every day is a day to be cheery about, no matter what's going on in the markets! Well... That was quite the trip last week, 3 cities in one week... In October I do 5 cities in 10 days... And then of course we had the goings on of last week... I really was upset and angry last week when I sent those notes to Chris for Friday's Pfennig. Our Gov't has spent 100's of Billions of dollars, and looking to spend more to avert a crisis... Yes, it was a Crisis, and something had to be done, but the way we did it, wreaks of socialism... My good friend, John Mauldin, whom I spent some time with last Friday, said, "I would sure like to see some regulation in Credit Default Swaps for all the money we spent!"...

  • An Attitude Change...

    * Dollar rallies Big! * Commodities in a free fall... * Yen remains untouched... * Data risk this week... ** An Attitude Change... Good day... And a Terrific Tuesday to you! Welcome to September! I hope you had a Wonderful Holiday Weekend. I sure did! It was the end of 4 weeks of treatments. We have beautiful weather. I enjoyed a day of football on Saturday, with my little buddy Alex, playing Saturday morning, and my beloved Missouri Tigers playing Saturday night. Sunday was fantabulous, as I hung around the backyard, and neighbors and friends all stopped by to spend the day... Just great! I had to rest up my leg yesterday, as it was swelling a bit from all the walking and standing, but back to normal today, so, it's all good! Not so for the euro and other currencies this morning. Front and Center this morning, the euro has fallen further, all the way through the 1.45 handle! Seems that Hurricane Gustav didn't disrupt the Oil production as many had feared, and the price of Oil has fallen $115, after trading as high as $119 on Friday, ahead of the storm. Gold too has taken on gallons of dollar water, and has diluted the price of the shiny metal to $805, after traded near $845 last Thursday. And Commodities? That's not a pretty sight, the free fall of commodities... And thus the Commodity Currencies of Aussie and Kiwi, and even the Canadian dollar have all seen the trap door opened up underneath them by this dollar move....
    Filed under: , , , , ,

  • Export Growth Drives GDP!

    * GDP grows 3.3%! * But it's a one and done for GDP! * Plenty O' data today... * A Wall Street Journal interview... ** Export Growth Drives GDP! Good day... And a Happy Friday to one and all! A Fantastico Friday in my books because it will be the end of a bad week for yours truly, and the start of a 3-day Labor Day Holiday weekend! YAHOO! Another storm, Gustav, is headed for the Gulf Coast, and maybe Louisiana, which wouldn't be good. So my thoughts are with those in the path of Gustav. Gustav is causing some problems for the price of Oil, this bubblin' crude, black gold, Texas tea, has posted its weekly gain in two months! The rise in Oil prices has lit a fire under Gold, and put pressure on the dollar once again, along with inflation pressures to say the least! The dollar pushed the euro and other currencies lower yesterday after the 2nd QTR GDP surprised on the upside, posting a gain of 3.3% annualized... I told you twice this week that 2nd QTR GDP would be stronger and yesterday, I laid out the scenario that the boost would come from: 1. stimulus checks, and 2. export growth because of the weak dollar....

  • Currencies Rally On Bad U.S. Data...

    * Dollar rally is stopped! * FOMC meeting minutes... * Housing data you won't see on TV! * Sweden to sell Gold... ** Currencies Rally On Bad U.S. Data... Good day... And a Wonderful Wednesday to you! I'm back. I just couldn't answer the bell yesterday morning, as the night before was simply rough on your old Pfennig writer. I'm in my last week of treatment and it has been a tough row to hoe, and I feel bad that I was not able to stiffen the back and make it through the day. But, no biggie, I've got great people here to take care of things when I'm gone... When I finally dragged myself out of bed yesterday, I saw that the dollar was taking liberties with the euro and other currencies once again. It was another game of "your economy is worse than mine", as German Business Confidence took a ride on the slippery slope down. You should have seen the "bandwagon jumpers" falling all over themselves to write about how cool it was to own the dollar. I chuckled, no big laugh as that might upset my stomach! But, their claim to be cool, was quickly squashed like a bug, when the housing numbers printed, and then later in the day, with the latest FOMC meeting minutes... More on this in a minute.......

  • Leading Indicators Fall!

    * Euro rebounds! * Forecasting a severe recession... * Commodities rebound! * Canadian inflation problems... ** Leading Indicators Fall! Good day... And a Happy Friday to one and all! Yesterday did indeed turn into a Tub Thumpin' Thursday for the euro, so let's hope today ends up being a Fantastico Friday! Well... The game of "your economy is worse than mine" backfired on the dollar bulls yesterday, as the Leading Indicators printed an awful number. I said yesterday that it was too bad that the markets normally ignored this data... But they didn't yesterday, as the number was so bad, they couldn't ignore it... Sort of like that spoiled rotten bratty kid throwing themselves to the floor of the grocery store, and throwing a temper tantrum because you said they couldn't have a candy bar! If you're next in line to check out at the grocery store, and you want to ignore the child, but you just can't because it's so obnoxious! Well, that's how it was with Leading Indicators yesterday... Here's the skinny......

  • Fannie and Freddie Back In The News...

    * Strange trading days... * U.K. Retail Sales surprise.... * Norway's GDP prints strong! * A CDO lesson... ** Fannie and Freddie Back In The News... Good day... And a Tub Thumpin' Thursday to you! Don't know why... I just felt like it should be a Tub Thumpin' Thursday! I hit the wall yesterday, as I went home, and fell asleep at 3 o'clock, and didn't wake up till night time! Watched a few innings of my beloved Cardinals, wanted desperately to stay up and watch the May-Walsh beach volleyball game, but went right back to bed! So... I should be rested, eh? One would think so, but with the treatments I take, they just simply wipe me out! But... Hey! I always said that sleep was the greatest thing... I just get to enjoy more of it, right? OK... Another day of strange trading... As I signed off yesterday, the euro had given up it's previous day's gains, but found some terra firma at 1.47 and then rallied in the afternoon... If you guess right, as I have not done so this week, you can catch a great price to sell, and buy, all in the same day!...

  • A Downward Revision of Eurozone Growth...

    * Euro rally ends quickly! * Housing Data continues to be bad... * OECD wants Norway's rates increased... * The Aden Sisters on a Wednesday! ** A Downward Revision of Eurozone Growth... Good day... And a Wonderful Wednesday to you! I'm sitting here wondering what to write about this morning, and on the radio is a classic song by Led Zeppelin, Dazed and Confused... Seems quite apropos, eh? I say this because that's what I've been for the last month, as the dollar got up from its death bed, and there's not a sign of any medicine that was prescribed had been taken! Oh well, why would I think that things would change for me at this stage of my life, I've been dazed and confused for a long time! HA! I'm sure that's what a lot of people are saying right now anyway... The euro rebounded over 1-cent yesterday, but that rebound has been wiped out completely in the overnight markets... There's just no lasting power in any currency rally VS the dollar right now. And as I keep going saying, this is reminding me so much of 2005 when the dollar covered up its pimples and posed for GQ, only to see the pimples pop through the makeup by year-end....

  • German Investor Confidence Rises!

    * Gold is oversold... * Dollar index is overbought... * RBA to cut rates... * More tears to shed in housing... ** German Investor Confidence Rises! Good day... And a Terrific Tuesday to you! Whew! A long day yesterday for me and the kids on the trading desk. I suspect today will be cut from the same cloth. We have quite a few currency investors panicking and bailing on their plan to diversify. It's not a One-Way street folks... No one ever said it would be! But those that held on to their positions during the dollar rally of 2005, were rewarded, as I believe they will this time too... But then, I could be wrong......

  • Falling Short On Financing...

    * Dollar wages war on euro! * TICs comes up short... * An Oil discussion... * Mexico raises interest rates... ** Falling Short On Financing... Good day... And a Marvelous Monday to you! This week is shaping up to be much like a college fraternity pledge "hell week", as we will be as thin as a razor swim suit, with many people out... All I can ask of World Markets customers is that they be patient when calling this week, the wait could be long. OK... Friday saw some ups and downs but all-in-all a range bound day for the currencies. I'm not going to stick my foot in my mouth again and say that it looks like the euro has applied a tourniquet to the bleeding, like I did last week! I'll simply say that it held 1.47, and has added to that in the overnight trading....
1 2 Next >
© 2003-2008 InvestorsInsight Publishing, Inc.
Investor Blogs
John Mauldin's Thoughts From The Frontline
John Mauldin's Outside The Box
Forecasts & Trends by Gary D. Halbert
Daily Pfennig by Chuck Butler
Musing on the Markets by Vinny Catalano
AIA Advocate for Absolute Returns
Useful Links
Partners
Advertise
Privacy Policy
Legal Statement
Who Is Online
Help