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  • More Dollar Strength!

    * Trichet's words sink the euro rally... * A New Conspiracy theory... * Japanese yen continues to rally! * An Announcement... ** More Dollar Strength! Good day... And a Happy Friday to one and all! It has not started out as a Fantastico Friday, just a Fun Friday... No wait! Just because the dollar is running around the end with the ball, and the currencies can't catch up with the greenback, is no reason to allow it to filter through to my feelings about each and every day! That's right! I'm feeling like there's a ton of weight on my shoulders right now, with this dollar strength, and everyone jumping ship... But, I promised myself over a year ago that if I was able to fight cancer and come out on top, that I would celebrate each day... And that's what I try to do! So... I'll make it a Fantastico Friday after all! The euro's two-day rally VS the dollar got stuffed in a box and shipped to sea yesterday. The single unit looked as though it would add to the rally that took it above 1.45 but as I was signing off yesterday the euro was giving back its gains VS the dollar... And soon, it would give back more than the two-day rally's gains....
  • 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.......
  • More Awful Data For The U.S!

    * Housing continues to rot... * Fed Officials warn the markets... * A new "junk bond" house... * David Galland's thoughts... **More Awful Data For The U.S! Good day... And a Wonderful Wednesday to you! A full day in meetings yesterday had me ready for the easy chair upon arriving home... The Celtics are NBA Champions for the 17th time, congrats to them and their fans, of which I was one as a kid, and through the Larry Bird era... Kind of lost track of the NBA over the years... Another full day of meetings on the docket for yours truly, can't wait! NOT! OK... The currencies really had a boring day yesterday... The bias was to sell dollars, but not by much. The euro gained a little, but has given it all back this morning. The data in the U.S. yesterday was weak if not awful, but the markets are still hanging by a moment on the Fed's rhetoric... Shoot Rudy, even the Financial Times is calling out the Fed and those that are getting carried away with thoughts of 75 BPS in rate hikes this year... The title of the FT article was... "Rate rise expectation overplayed, believe Fed officials"...