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  • A VERY Disappointing Jobs Jamboree!

    In This Issue.

    * Without "adjustments" jobs would have been negative!

    * Euro rallies as the U.S. economy begins to get questioned.

    * ECB meets this week.

    * Francs and reals continue to be pains in the neck!

    ...
  • Jobs Jamboree Friday!

    In This Issue.

    * Jobs to disappoint?

    * Euro rallies as focus shifts to U.S.

    * Moodys warns U.S. lawmakers.

    * S&P causes huge commodity sell off.

    ...
  • Jobs Jamboree Disappoints... AGAIN!

    In This Issue..

    * Currencies rally on Friday...

    * But show some slippage this morning...

    * FOMC week, will they announce more stimulus?

    * Norwegian krone is best monthly performer!

    And Now... Today's Pfennig!

    Good day... And a Marvelous Monday to you! Well... I'm Baaaaaacccckkkkk! What a great vacation! Any time I get to spend time with my family, is special... And to do when you're camping... Well, if you've ever done that with your family, you know what I'm talking about... And talk about being "away from the markets"...

    So... Yesterday, I got all caught up with what Chris had to say last week, and let me stop here to say a BIG Thank You to Chris, for taking the conn on the Pfennig last week... A great job as usual! Chris did leave me a few notes on the Friday happenings and that helped me get the "motor" started to write this morning!

    ...
  • A Jobs Disaster!

    * Retail Jobs are cut in December! * Dollar rallies on renewed Trading Theme... * Looking for the Obama bounce... * High yielders get sold... ** A Jobs Disaster! Good day... And a Marvelous Monday to you! A grand weekend for yours truly with time spent resting, watching football, Alex play basketball, dinner with friends, and finally a wonderful dinner with my kids as we celebrated my oldest son, Andrew's, birthday. Whew! I'm at work about an hour earlier than usual this morning, as I couldn't sleep, and just decided to get up and come in... UGH! OK... Well, the big news this morning, is that the Jobs Jamboree was just awful, but "not as bad as some forecast" and therefore the dollar rallied. OK, I'm shaking my head in disgust too, but that's what the headlines reported later in the day on Friday, as the reason for the dollar rally. But let's get to the meat of the Jobs report... First of all, jobs lost in December were -525K, which was bang on the forecasts. But here's the two things I found to be very scary in the report... First of all, November's awful print of -533K was revised downward to -584K (recall, I questioned a month ago if it would reach -600K on the revision)... And here's the really scary number... -67K Retail jobs were cut in December... That's right, December! The month when retailers are supposed to be on fire!...
  • A New Year!

    * Currencies range trade... * With a bias to buy dollars... * Recession deepens in Eurozone... * India cuts rates... ** A New Year! Good day... Happy New Year! And a Happy Friday to one and all! A Fantastico Friday, I bet it will be, as most people are still on "holiday". I hope your New Year's celebration went well, mine did, spent with good friends, after a simply scrumptious dinner! Yesterday, we spent the day with friends again, as good friend Rick, had everyone and their brother to his new house to celebrate the New Year... I'm worn out! Good thing this is a quick shot work day, and then onto the weekend, because I'm spent! Well, enough of all that! The currencies traded in a very tight range on Wednesday, and I expect more of that today. The bias has been to buy dollars going into the year-end, and it looks as though that might be the case today, as there's been no data to speak of in the U.S., while the Eurozone printed a very weak manufacturing index report, indicating that the Eurozone's recession is deepening. Of course if we compared apples to apples the bias would be to buy euros, but since there hasn't been any "real" economic data in a couple of days from the U.S. this report from the Eurozone gets all the attention....
  • Data shows just how bad things are...

    * Data shows just how bad things are... * Trade deficits narrow... * EU confirms they are in a recession... * RBA intervening again... ** Data shows just how bad things are... Good day... Chuck asked me to go ahead and write the Pfennig this morning, but I got a late start, so this one will be short. We finally had some data releases here in the US which look to steer the markets, so I'll just get right to it. The dollar continued to strengthen yesterday after another round of bad weekly employment figures. Initial jobless claims increased to 516k during the first week of November, and last weeks numbers were revised up to 484k. The employment picture continues to darken here in the US, and it doesn't look like it will improve any time soon. This is just what the US consumers don't need right now. Not only are most consumers living paycheck to paycheck, but now many of those paychecks are being ripped out of their hands....
  • Comfortably Numb...

    * Comfortably numb... * Data confirms the US slowdown... * NZD and AUD end the week with gains... * Hungarian forint stabilizes... ** Comfortably numb... Good day...These dramatic swings in the markets are becoming so common place that a move of 400 pts by the Dow doesn't really garner much notice. After all, in the past five days, the Dow Jones average has had a trading range of almost 2,000 points, but after five dramatic days the stock market is trading almost exactly where it was a week ago. And the volatility in the equity markets has carried over to the currency markets, where we continued the roller coaster ride which began a few weeks ago. Yesterday, the dollar began the day with a strong move up in early European trading. But a plethora of bad data released here in the US caused the greenback to reverse course, and it wiped out all of its earlier gains. But the bargain hunting rally in the stock market during the afternoon pulled the dollar along with it, and we ended the day with a dollar index which was slightly higher than the day before. Today is shaping up to be a similar trading pattern, as Europe has begun the day buying dollars vs. most of the major currencies....
  • Jobs Fall 80,000!

    * Labor picture looks awful... * Does this look like a recession now? * Aussie Trade Deficit widens... * China about to trade with a 6!...