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Have You Seen This?

  • China's Economy Turns The Corner.

    In This Issue.

    * Risk assets rebound on Fed statement.

    * RBNZ leaves rates unchanged.

    * As too does the Riksbank.

    * Gold rebounds, before NY Open.

    ...
  • A Full-On Risk Aversion Day

    In This Issue.

    * Risk assets healing is wiped out.

    * Euro and A$ lead currencies lower.

    * Gold can't find a bid.

    * Chinese renminbi takes baby steps lower.

    ...
  • China Reduces Treasury Holdings...

    In This Issue..

    * TIC data shows negative flows...

    * Risk is On today...

    * A$ recovers again!

    * German ZEW is disappointing...

    ...
  • Risk Off as US data disappoints…

    In This Issue..

    * Risk is back off on poor US data...
    * Euro pauses at $1.32...
    * China moves by Japan to become #2...
    * Gold moves close to $1,200...

    Good day...and welcome to Wednesday, or as we call it on the desk 'hump day'. Yesterday was another busy day on the desk, it seems like investors are finally figuring out that in spite of the uncertainty in the markets, there are still some good opportunities. But while the flow of trades increased yesterday, the currency markets took a breather from their torrid pace on Monday.

    What movement did occur yesterday was mainly due to a plethora of data releases in the US which mostly disappointed. Personal income and spending in the US were both reported unchanged for the month of June, and May's numbers were revised slightly lower. And while US consumers were feeling the pinch, prices rose a bit more than expected with the PCE Deflator moving 1.4% higher vs. an expected 1.3% increase. So it was no surprise when the ABC Consumer Confidence number came in at -50, again worse than what was expected....
  • Gold Falls Below $1,200...

    In This Issue..

    * A Risk Off day...
    * Currencies rally on Tuesday...
    * Chinese bank has strong IPO...
    * Kicking the can down the street...

    Good day... And a Wonderful Wednesday to you! It was a Terrific Tuesday for the currencies VS the dollar, it was not a Terrific Tuesday for Gold, and the Cardinals!

    Front and Center this morning, Gold is retreating again today and has fallen well below $1,200... Here's the skinny... Yesterday, it was announced that China's Agricultural Bank of China reported a very successful public offering, raising more than $22 Billion. Now, what does this have to do with a Gold sell off I hear you saying? Ahhh grasshopper... Come, sit, let's discuss...

    Basically, it's like this... If a Chinese Bank can pull off a very successful IPO without breaking a sweat, then the daggers can be put away on a global risks, and that could be seen in the performance of equities all across the board yesterday....
  • Beating Up The Banks...

    In This Issue..

    * Risk is back on!
    * Another plan by the President to punish banks...
    * Foreigners to back away from U.S. assets/ dollars...
    * Eurozone Industrial orders rise 1.6%!

    Good day... And a Happy Friday to one and all! Let's see if we can make it a Fantastico Friday! Of course last Friday will be a tough one to top for a long time, given it was pay-day, a Friday, the start of a 3-day weekend, and the temperature went above freezing! But, today is a Friday, so I'll do my best to make it a Fantastico Friday! It will be difficult while I'm writing today though, because, our Gov't just keeps shooting themselves in the foot, and it just ticks me off that they don't say, 'hey, I/we caused this, and we'll fix it', instead opting to find someone to blame, or 'deflect' the problem... I'll explain as we go along today...

    Well... Front and Center this morning, we saw the Risk Aversion that had held a tight grip on the currencies and commodities for about a week, fade a bit as the day went on yesterday, and the dollar selling has carried through the overnight and morning sessions overseas... What caused this 'turn-around?' I hear you asking... Ahhh grasshopper, come sit, and put away the sharp objects!

    ...
  • Today is Tax Day!

    In This Issue..

    * Currencies trade in a tight range...
    * All Risk takers... Out of the pool!
    * Retail Sales really disappoint!
    * A plethora of data reports today...

    Good day... And a Wonderful Wednesday to you! Well... It's Tax Day, and to keep with tradition in the Pfennig... Here are the Beatles...

    (if you drive a car, car;) - I'll tax the street;
    (if you try to sit, sit;) - I'll tax your seat;
    (if you get too cold, cold;) - I'll tax the heat;
    (if you take a walk, walk;) - I'll tax your feet.

    Taxman!

    'Cause I'm the taxman,
    Yeah, I'm the taxman.

    OK... Every year, I bring you a different part of that song, which was so prevalent in my mind as I wrote out my check last night to mail my taxes......